Twins Contribute to Nykaa CEO’s Wealth
Falguni Nayar‘s journey to success is undeniably inspiring for aspiring entrepreneurs. The founder of Nykaa, a prominent beauty and lifestyle retail company established in 2012, made headlines when the company went public in November 2021, propelling her to the status of India’s richest self-made female entrepreneur. Currently holding the 88th position in Forbes’ India’s 100 Richest list, Nayar boasts a remarkable net worth of USD 2.65 billion, approximately Rs 22,000 crore.
Playing crucial roles in Nykaa’s continued success are Falguni Nayar’s twins, Adwaita Nayar and Anchit Nayar. Adwaita serves as the CEO of Nykaa Fashion, a vertical she launched in 2018, while Anchit holds the position of CEO for Beauty E-Commerce at Nykaa. Both siblings also have board seats within the company and bring Ivy League education credentials to the table. Adwaita is an alumna of Yale and Harvard Business School, while Anchit graduated from Columbia University.
Adwaita, after a brief stint at Bain & Company as an Associate Consultant, co-founded Nykaa alongside her mother. She has been instrumental in the company’s expansion, particularly in launching Nykaa Fashion. Anchit, with nearly seven years at Morgan Stanley and a role as Vice President of media and Telecom Banking, joined Nykaa in 2018. Since 2021, he has been at the helm of Nykaa.com.
Despite Nykaa’s immense success, it faces formidable competition in the beauty market, with new entrants like Tira backed by Reliance Retail and Tata CLiQ – Palette, supported by Isha Ambani. Anchit Nayar remains unfazed by the increasing competition, stating, “Competition has been around since we started… We understand this consumer better than anyone else.” He views newer competitors as agents that will expand the market and accelerate category consumption. As of November 2022, Nykaa’s valuation stands at a noteworthy USD 13 billion (approximately Rs 1.08 lakh crore).
In summary, Falguni Nayar’s Nykaa, bolstered by the leadership of her twins, continues to navigate the beauty market’s competitive landscape with resilience and innovation.
Repurposed article originally published in GQ India
