In this week’s episode of TOI Business Bytes, Adwaita Nayar CEO of Nykaa Fashion and the co-founder of Nykaa talks about his entrepreneurial journey and provides some interesting lessons for startups.
Nykaa Success Story: Lessons from starting from the CEO of Nykaa Fashion | Profile of Adwaita Nayar | 40 Under 40
“Everything started with a simple idea, starting from the bedroom and brick by brick we built Nykaa,” said Adwaita Nayar. Watch the video above to find out why Nykaa decided to venture into the fashion space with Nykaa Fashion and how Adwaita Nayar sees the fashion landscape shaping the future.
Adwaita Nayar has completed his Bachelor of Applied Mathematics from Yale University. According to Nayar, Nykaa was his “first job”. He then went on to take his MBA from Harvard Business School from 2015-2017.
“A great entrepreneur is one who can see a risk worth taking and executes it to block out all the noise,” Adavita Nayar told TOI. Nayar emphasized the need for startup owners and entrepreneurs to think long term. “Businesses cannot be built overnight. They can’t be built in a few years. At least 10 years is needed to build something meaningful,” he said.
Asked about where the idea for Nykaa Fashion came from, Adwaita said, “Fashion is a very interesting space in India and it is growing very fast.” “Fashion is projected to be a $125 billion industry by 2025 and within that online sales should account for around 30%,” he said.
According to Nayar, both women and men are equally eager to try new brands and this provides good opportunities for the emergence of new brands.