Online beauty retailer Nykaa has launched an e-commerce platform exclusively for men called Nykaa Man in order to increase its revenue and enter into the $1.4 billion men’s grooming market in India.
Currently, Nykaa only offers a limited selection of men’s grooming products and primarily dedicated to women’s cosmetics and other essentials.
Nykaa Man will offer products across categories of shaving, hair care, grooming kits, bath & body, beard care, sexual wellness and sports nutrition with over 150-200 brands including The Shave Doctor, Kiehl’s, Clinique for Men and Beardo among others.
“About 15% of our social followers are men and about 20% of our traffic comes from men and male products,” said Nihir Parikh, chief business officer at Nykaa. A significant focus of the product selection will be on men’s fragrances, luxury skincare, and premium natural products as well.
Currently, a small category, men’s grooming contributes about 2% of the firm’s overall revenues. However, Nykaa expects the portal to grow to about 10% of the firm’s overall revenues in a couple of years.
Nykaa offers over 1000 brands and 1,00,000 products owning a lion’s share of the online beauty market at 33%The FY18 revenue is unaudited and may be revised when the audited report is submitted.
For Nykaa, a large part of the focus will be on expanding its offline presence to about 55 stores by FY19-end.