Mumbai-based beauty e-commerce unicorn Nykaa has reappointed Adwaita Nayar and Anchit Nayar to its board for new five-year terms, effective immediately. The reappointments were approved at the company’s annual general meeting held on May 7, reinforcing the leadership roles of founder Falguni Nayar’s children within the firm. This move signals Nykaa’s intent to maintain family-led guidance as it pursues further growth in the highly competitive beauty and fashion sectors 1.
Adwaita Nayar, currently CEO of Nykaa Fashion, and Anchit Nayar, CEO of Nykaa’s beauty e-commerce vertical, have been pivotal to the company’s rise since its early days. Adwaita joined in 2018 after working at private equity firm TPG Growth, while Anchit has been with Nykaa since 2015, managing its core beauty business. Their renewed board terms reflect the company’s trust in their leadership during Nykaa’s expansion into new segments like fashion and international markets 1.
Falguni Nayar, Nykaa’s founder and CEO, has consistently stressed the importance of family involvement in steering the company’s long-term strategy. In a 2023 interview, she noted, "Adwaita and Anchit bring a deep understanding of Nykaa’s culture and customer base, which is critical as we scale." The reappointments align with Nykaa’s goal to preserve leadership continuity while targeting a 30% year-on-year revenue growth for fiscal year 2025 1.
Since its IPO in November 2021 at a $13 billion valuation, Nykaa has grappled with stiff competition from global players such as Sephora and domestic rivals like Purplle. The company’s stock price has fluctuated, trading around ₹180 per share as of May 7, down sharply from its IPO price of ₹1,125. Analysts interpret the reappointment of the Nayar siblings as a signal of stability and a renewed focus on operational execution to restore investor confidence 1.
Adwaita Nayar’s leadership of Nykaa Fashion has been crucial in diversifying revenue streams. The fashion segment posted a 45% year-on-year growth in gross merchandise value (GMV) for fiscal year 2024, reaching ₹1,200 crore. This now accounts for nearly 20% of Nykaa’s total revenue, up from 12% in fiscal year 2022. Her emphasis on private labels and sustainable fashion has been credited with driving this impressive expansion 1.
Anchit Nayar heads Nykaa’s beauty e-commerce vertical, the company’s largest revenue source. This segment recorded a 22% year-on-year GMV growth in fiscal year 2024, totalling ₹4,800 crore. Anchit’s initiatives, including launching Nykaa’s private label beauty products and extending reach into tier-2 and tier-3 cities, have been instrumental in maintaining the company’s leading position in India’s fragmented beauty retail market 1.
The Nayar siblings’ reappointment coincides with Nykaa’s intensified focus on an omnichannel model. The company operates over 150 physical stores across India, with plans to double this to 300 by fiscal year 2026. Both Adwaita and Anchit advocate for blending online and offline retail, arguing that physical stores build customer trust and loyalty. Nykaa’s omnichannel strategy has resulted in a 35% higher average order value for in-store shoppers compared to online buyers 1.
Nykaa’s board includes nine members, comprising independent directors and investor representatives. The reappointment of Adwaita and Anchit Nayar was supported by over 98% of shareholders, underscoring strong confidence in the company’s leadership. Founder Falguni Nayar, who holds a 53.5% stake, remains central to strategic decisions, while the Nayar siblings are expected to lead daily operations as Nykaa navigates its next phase of growth 1.