E-commerce beauty retailer Nykaa has announced the launch of its online marketplace exclusively for men called Nykaaman.com. The website will be in action from today and will have products across various categories.
With this move, the company intends to foray into the $1.4 billion men’s grooming market in India. Also, this will help the company to scale up its revenue of two years by 10 percent.
This news comes a year after many other e-commerce companies have also entered the segment of men’s fashion including Voonik and Limeroad. NykaaMan.com will offer products under the categories like shaving, hair care, grooming kits, bath & body, beard care, sexual wellness and sports nutrition which will include over 150-200 brands including The Shave Doctor, Kielh’s, Clinique for Men and Beardo among others.
Nihir Parikh, Chief Business Officer at Nykaa said, “About 15% of our social followers are men and about 20% of our traffic comes from men and male products.”
At present, the category of men’s grooming contributes about 2 percent of the company’s total revenue. However, as stated the company intends to increase to about 10 percent of the total revenue in a few years. As everybody is aware of, the company Nykka is growing at a great pace. It had covered Rs 570 crore as net revenue in the financial year 2018 from Rs 214 crore in the previous fiscal. Nykaa is also planning to increase its offline existence to over 55 stores by the end of the financial year 2019.
It seems that the beauty firm Nykaa is making all the efforts to remain on the top of the Indian beauty market by spreading its footprints in all the segments of the particular sector.