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Nykaa launches exclusive men’s portal; to scale to 10% of revenues in 2 yrs, Technology News, ETtech

Nykaa launches exclusive men’s portal; to scale to 10% of revenues in 2 yrsOnline beauty retailer Nykaa has launched an e-commerce platform exclusively for men called Nykaa Man as it looks to get a sizeable play into the $1.4 billion men’s grooming market in India.

Nykaa currently offers a limited selection of products under men’s grooming on its main portal with the category being one of the fastest growing ones for the firm.

Nykaa’s move comes a year after other players in the fashion e-commerce space have also extended operations in the men’s wear range including Voonik and Limeroad.

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, Kielh’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.

Currently Nykaa offers over 1000 brands and 1,00,000 products owning a lion’s share of the online beauty market at 33%. The firm has been growing at a strong pace, having clocked ₹570 crore in net revenue in FY18 from ₹214 crore a year earlier. 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 expandingNykaa launches exclusive men’s portal; To scale to 10% of revenues in 2 years its offline presence to about 55 stores by FY19-end. The men’s line of products will also garner significant shelf space in the offline stores across the country.

Nykaa last raised about Rs 165 crore in a mix of primary and secondary capital from existing investors including Sunil Munjal’s family office, consumer goods maker Marico’s Mariwala family office and Dalip Pathak, special limited partner at private equity firm Warburg Pincus. The round which saw the firm raise Rs 75 crore in primary capital valued Nykaa at Rs 3000 crore, ET had reported in April.

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