Fashion

Ultimate guide to Nykaa fashion and its competitors 2024

Nykaa:

Fashion is a primary concern in the lives of many people in today’s society and there is no better site to shop fashion in India than www. formatfashion.com

Introduction

Internet is penetrating deeper into Indian society, and people increasingly use smartphones, so the online retail is experiencing a great demand. As more individuals make purchases online, the online fashion product is one of the rapidly growing segments in ecommerce. Nykaa has grown to be one of the few prime online fashion destinations in India despite stiff competition from both local and international firms.

About Nykaa

Nayaka is an e-retailer of beauty and personal care products launched in 2012 by IIT Bombay graduate Falguni Nair. It has since become an online store selling clothes, accessories, beauty products and home essentials .

It has over 3,500 national and international brands in makeup, skincare & hair care, perfume & deodorants, bath & body, men’s grooming, luxury products and apparel, footwear, accessories, lingerie, sports wear and much more.

Nykaa’s Competitive Advantage

• Brand association – The brand  is very popular among Indian consumers in the beauty and fashion sector. It has also managed to undertake branding and marketing aimed at placing it among the most popular lifestyle retail stores.

• They do not only offer trendy ready-to-wear clothing brands as they have also chosen and sourced famous international, contemporary and designer brands to partner with.

The more famous domestic fashion brands are Ritu Kumar, Manish Malhotra, Satya Paul, among others, while the list of famous international brands includes DKNY, Steve Madden, Dorothy Perkins, etc.

• Omnichannel retailing – It has a diverse store front, more than 80 stores in total, and the online store is very effective. The second strength that has is the idea of ‘Brand Fit ‘and the convenience of the ‘ Omni-Channel Purchasing ‘.

• Successful private brands – Besides having a strong portfolio of already established f&b brands, this brand has a number of new age private labels for apparels and accessories for the high growth segments.

Current brands include Nyk by it, Pipa Bella, which deals in western casual wear and accessories Gajra Gang which deals in traditional fashion jewelry among others.

RSVP is  collection for executive wear whereas Twenty Dresses provides corporate wear for working women. Such private labels have been popular amongst the consumers as follows.

• Quality content – To top it, lifestyle commerce heavily relies on quality content and this brand does not lack behind in terms of engagement on social media platforms and its website.

Whether it is a new hairstyle, the latest fashion, a make-up tutorial or an interview with celebrities, the people at this brand use content to create awareness and interest in the products offered in their fashion section.

How Big Are NYKAAs Fashion Sales?

In a short span of time, this Fashion has become one of the fastest growing fashion e-tailers in India:

• According to the rough estimates currently available, the GMV of the online apparel industry will be around $4-5 billion which will reach $12-14 billion by 2022

• Nykaa Fashion’s GMV has touched 500RS crore annualized run rate, as per the current financials.

• The company said it witnessed 5 million monthly average users for  in January 2022, with 59% of buyers from Tier 2 and 3 locations, which underlines demand beyond the top seven cities. New customers were responsible for 56% of total transactions in Jan ‘22, while return store visitors contributed 44%.

• Fashion is further segmented into apparel, accessories, footwear with apparel holding the highest Fashion GMV.

Nykaa’s biggest competitors competes with some of the biggest names in Indian e-commerce:

1. Myntra

2. Amazon Fashion India – The fashion business is one of the most important and growing businesses that owns amazon. It has at least doubled its active clothing and footwear inventory in two years alongside growing its owned label segment.

3. Ajio It serves more than 2000 brand and over 200,000 styles that are available for men, women, and kids. AJIO has two significant strengths: Scale in its fashion portfolio and reach, both of which are powered by the Aditya Birla group.

4. H&M – The international player that sells affordable and trendy clothes has expanded rapidly since its inception in India in the year 2015. Offline expansion along with the localization of it’s online fashion catalogue has been key to the expansion of H&M.

Conclusion

The growth of the Indian ecommerce market is currently very aggressive and there is an increase in online retail every year. However, in this context, it has been found that Nykaa , the online fashion market, has been able to establish a unique market niche for itself with the help of some of the following strategies.

As such, the company has the ability to operate across a broad and select range of brand portfolios and customer segments while private brands assist in identifying growth opportunities. Technological strength, marketing strategies, and Omnichannel strategy have all played a significant part to make Nykaa a leading player. Nevertheless, competition has amplified considerably with incumbents growing rapidly as other new entrants threaten with narrow frameworks.

But, the organization’s demonstrated operational competence, focus on customer, and ability to adjust make Nykaa well-equipped to strengthen its position as the market leader. They may be lumpy, unpredictable and uncertain, but such exciting times are in store for the company as it embarks on its growth strategy map for the coming years.

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