New Delhi: Nykd, Nykaa Fashion‘s private lingerie label, has reached a significant milestone by crossing the Rs 100 crore revenue mark, shared a top official of the company, without commenting on the revenue target for the end of the fiscal.
Last financial year, Nykd reported a revenue of Rs 84.9 crore.
“We have already crossed the Rs 100 crore mark. A million women are shopping with us and it’s making us very strong,” commented Preeti Gupta, CBO, Nykaa Fashion.
Launched in 2020, Nykd is poised to take on established online-first brands, such as Zivame, Clovia, Amante, and PrettySecrets, who have played a crucial role in rewriting India’s lingerie story.
For its fashion arm, Nykaa includes 16 owned brands such as Twenty Dresses, Pipa Bella, RSVP, Nykd, Azai and more. Amongst these, Nykd, which positions itself in the mass-premium category, contributes the highest to the fashion business, Gupta stated.
Highlighting the brand’s growth, Adwaita Nayar, CEO, Nykaa Fashion in the company’s Q2FY24 earnings call said, “Today, (Nykd) it’s a Rs 140 crore annualized run rate brand. It does about 80% full-price sales. It’s not a discounted brand. It has over 1,000 points of sale. It’s the number one brand in the bra category on Nykaa Fashion and it’s a top three bra brand in one of the largest marketplaces in India. So, it is finding traction both inside Nykaa as well as outside and we’re quite proud of this trajectory.”
Nykd, which started online, opened its first store in 2022 and currently has 14 exclusive brand outlets.
Commenting on its pricing strategy, Gupta explained that the brand has its discount percentage in single digits and is focused on ensuring price parity across distribution channels.
“A typical issue for an online brand planning to go offline is because the brand is built on discounts. As we work towards our goal to be in the top 5 brands in India, we are clear that general trade will play a large role and we make sure that the price parity is maintained,” she stated.
As per a report by IMARC Group, India’s lingerie market, which is sized at USD 4.4 billion in 2022, is expected to reach USD 8.2 billion by 2028.
