India’s online beauty products portal Nykaa is launching an exclusive men-only site to sell a large range of products for men which would include shaving products, hair care, bath accessories, grooming kits, sports nutrition and beard care products as well.
The site is expected to host up to 200 brands in all these categories and some prominent ones are he Shave Doctor, Kielh’s, Clinique for Men and Beardo. These brands are already being sold on the main Nykaa site as well as other online and offline stores. On the new NykaaMan.com site, they could bring forth their complete range. It is interesting to note that Nykaa is not the first one to launch a separate dedicated site for men; Limeroad and Voonik have done it before.
One can see many male fragrances like deodorants and perfumes being advertised extensively on television. All these can take their rightful positions on this site.
Nykaa is going by the finding that they have a substantial male following on their social media platforms and out of the existing buyers of products on their site around a fifth are men. These are the immediate target buyers for them. They would also like to take the revenue contribution from men’s categories products from 2% to 10% with the men-only site.
Nykaa has been able to garner around 33% or a third of the beauty products market sold online in India with over 100,000 SKUs being displayed and sold. In terms of revenues, the last reported figure is Rs 570 crore, which jumped from just Rs 214 crore the previous year. There will be a parallel effort at expanding the presence in the offline space as well, all aimed at multiplying the turnover.
Last valued at around Rs 3,000 crore, Nykaa has had no difficulty in raising funds from VCs and angels.