Today, if we require any cosmetic product at our doorstep that is assured of its quality and also comes with a discounted price, the first name that comes to our mind is Nykaa.
Thanks to Falguni Nayar, the visionary entrepreneur and the mastermind behind Nykaa, who made cosmetic shopping so convenient & reliable for customers.
Falguni Nayar is one of the most remarkable success stories in the beauty and cosmetics industry. With a career that transitioned from the world of finance to the realm of beauty, she proved that it’s never too late.
In this article, let’s go through Falguni Nayar's journey from the boardroom to the beauty counter, which is an inspiring tale of perseverance and vision.
Falguni Nayar - Biography
|February 19, 1963
|Master of Business Administration, Indian Institute of Ahmedabad
|Founder and CEO, Nykaa
Falguni Nayar - Early Life
Falguni Nayar was born in a Gujarati family in Mumbai in 1963. Her father was a businessman and ran a small bearings company. Her mother assisted her father in their business.
Her early life laid the foundation for her remarkable journey as an entrepreneur. Born and raised in Mumbai, she went to Sydenham College of Commerce and Economics for her graduation between 1980-1983 and finished her Bachelor’s degree in Commerce (B.Com).
After completing her undergraduate studies, she continued to pursue excellence in the field of finance between 1983 and 1985 by enrolling in the Indian Institute of Management, Ahmedabad (IIM-A), one of India's most renowned business schools.
At IIM-A, she obtained her Master of Business Administration (MBA) degree, further enhancing her analytical skills and business acumen.
This educational experience at IIM-A played a pivotal role in shaping her career path and equipping her with the knowledge and skills that would prove invaluable as she embarked on her entrepreneurial journey, years later, with Nykaa.
Falguni Nayar - Career
Post her graduation, she joined A.F. Ferguson & Co. where she worked as a manager for around eight years. In 1993, Nayar left her position at A. F. Ferguson & Co. and joined Kotak Mahindra Group. She started out as the mergers and acquisitions (M&A) team head at Kotak Mahindra before opening institutional equities operations in London and New York City.
In 2001, she came back to India. She was appointed the managing director of the investment banking division of Kotak Mahindra Capital and director of the institutional equity division of Kotak Securities in 2005.
In 2012, she left her position and started Nykaa, at the age of 50, with $2 million of her own funds. By 2021, Nykaa's value had increased to $2.3 billion and by 2023 her net worth had risen to $2.6B.
Nayar is one of the two self-made female billionaires in India, along with Kiran Mazumdar-Shaw, founder of Biocon Limited.
While talking about her career, she says,
“I am not a person who has strong emotions. I see everything in terms of facts and figures. So, I was only concerned about work and targets. There has never been space for anything else in my career.”
Falguni Nayar - Personal Life
Falguni Nayar lives in Mumbai. She has been married to Sanjay Nayar since 1987, whom she met in the business school. The couple has two children, Adwaita Nayar and Anchit Nayar. Adwaita serves as the CEO of Nykaa Fashion & Anchit heads the retail and e-commerce divisions.
Strongly relying on facts and figures, Falguni is a big fan of numbers which play a major role in her way of working.
However, the numbers on social media don’t interest her much. She is not a very active person on social media. When asked the reason, she says in an interview,
“I don't know. I think there is enough to gain on social media also. I am who I am and I can't change myself. I think being active on social media has a huge amount of time and effort….”
Falguni Nayar - Nykaa
Falguni Nayar, while nearing her 50s, decided to quit her job & start Nykaa which means "one in the spotlight,". She created Nykaa in 2012 intending to serve as a one-stop shop for all beauty and wellness requirements.
Since its launch, Nykaa has rapidly expanded to rank among India's top online merchants of cosmetics, skincare, haircare, and personal care items.
Along with offering products for sale, Nykaa's website also contains virtual try-on options and beauty tutorials. Nykaa has also established a physical presence, with shops located in several cities across India. These shops give a variety of beauty services as well as the chance for customers to try products before buying them.
In October 2020, the company entered a new avenue launching Nykaa Man, India's first multi-brand e-commerce store for men's grooming. Further, the company expanded into fashion by launching Nykaa Design Studio, which was renamed Nykaa Fashion.
Nykaa - IPO
On November 10, 2021, Nykaa went public with a valuation of $13 billion. Nayar's net worth increased to $6.5 billion shortly after Nykaa went public, making her the richest self-made woman in India and propelling her into the top 20 Indians by net worth.
From its beginnings to its global prominence, Nykaa stands as a testament to the ever-evolving landscape of cosmetics.
Falguni's Support for Women
Falguni Nayar, being a self-made female billionaire, is someone who supports women and encourages them to be independent and committed to taking up responsibilities.
In an interview, she says,
“We hire a lot of women in our organization. I always encourage women to be committed to their work and take on more responsibility. Often, what is lacking in women is commitment. When I see them committed, I try to provide them much-needed support. In fact, our largest category — skincare — is handled by a woman,” she says.
Falguni Nayar - Awards and Recognitions
Here are some prominent awards and recognitions for Falguni:
- Nayar was enlisted on the Forbes India Rich List in 2022 at position 44
- She has received many accolades including the FICCI Ladies Organization (FLO) award for the top woman achiever in the field of banking and the Business Today Award
- She was a Founding Member of the Asia Society in India
- She is a member of several boards, including the Aviva Insurance Board, Dabur India, and also serves as an Independent Member of the Tata Motors Board
Who is Falguni Nayar?
Falguni Nayar is the founder and CEO of Nykaa, an Indian lifestyle retail brand of beauty, wellness, and fashion products.
What is the net worth of Falguni Nayar?
The net worth of Falguni Nayar is $2.6 billion (2023).
Who is the CEO of Nykaa Fashion?
Adwaita Nayar, daughter of Falguni Nayar is the CEO of Nykaa Fashion.