THE WHAT? Indian cosmetics and fashion retailer Nykaa is eyeing a huge retail expansion, with Founder and Chief Executive Falguni Nayar stating it will triple its bricks and mortar stores to 300, according to a report by Reuters.
THE DETAILS While no timeline has been given, the company is expanding into 100 cities, scaling up from its current 84 outlets in 40 cities.
Speaking in an interview for the Reuters Next conference, Nayar stated, “The process of store expansion had slowed down due to (COVID-19) pandemic for a year or so. But this year we have revived our store rollout.”
THE WHY? The store expansion will hugely bolster Nykaa’s offline presence within India, with the company predominately operating as an e-commerce business.
However, targeting consumers who want to buy touch-and-feel products is a critical part of the business, according to Nayar.