Can Nykaa Live Up To Its Own Hype?

The beauty major has laid out an ambitious FY30 roadmap. But can fashion, owned brands, and premiumisation deliver the growth needed to justify investor expectations?

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Five years ago, Nykaa was seen as India’s premium beauty retailer. Today, it wants investors to believe it’s building something much bigger.

At its recent Investor Day, founder Falguni Nayar looked back at Nykaa’s journey from an online beauty retailer to a broader beauty and lifestyle platform. However, her focus was firmly on the future. By FY30, Nykaa wants to cross $5 Bn in gross merchandise value (GMV), grow revenue by 2.5-3X, expand EBITDA by 4-5X, and deliver a return on capital........

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