India bright on the radar of global players, optimistic about the future: Falguni Nayar
Falguni Nayar, MD and CEO of Nykaa
India is squeaking onto the radar of global players with strong drivers such as a young, ambitious population, rising income levels and resilient infrastructure and digital networks, Nykaa founder and CEO Falguni Nayar said on Monday, adding that she is extremely “optimistic” and “confident”. about the future.
In an exclusive interview with PTI, the self-made billionaire also said that the recent cases of corporate governance lapses in some well-known startups will lead to more scrutiny by investors (in the ecosystem), and asserted that the governance agenda needs to be set. very early in an entrepreneurial journey.
Any compromise in governance just because a company is growing or pursuing size and scale cannot be justified, she pointed out.
Nykaa, she added, has been very strong in governance.
Nayar – the top boss of omnichannel beauty and fashion retailer Nykaa – said her entrepreneurial journey – which started at the age of almost 50 – has been “amazing” and advised aspiring entrepreneurs to be guided by their dreams and keep investing in their businesses to create new creations. long-term sustainable value.
Nayar sees a lot of room for growth in the beauty, personal care and fashion sectors in India and is optimistic about the future.
“At some point we say this is a long-term opportunity. The way income levels have risen across our country, it’s clear that growth and infrastructure are visible in the country… Young people are energized by what they can do, She said government policies were also supportive and acted as a catalyst for overall growth.
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According to her, India is being noticed by global players as all these key ingredients – rising consumption, entrepreneurship, physical and digital infrastructure – are coming together.
“What Nykaa has seen is that most of the CEOs of global beauty companies have visited us recently… It was amazing to see how the global CEOs and chairmen of the top ten beauty companies all wanted to do more in our country. That’s what tells us that the world has an interest in working with India. And the future looks bright,” she said.
She advised entrepreneurs to brace for the long term and be energized by their dream of building a strong business.
“I have always said to entrepreneurs: ‘I love what you do’. The journeys must be long. I have always said: more than ten years or more… to reach your destination… and to create creating value that is sustainable,” she said.
Nayar said rising incomes and economic growth bode well for India’s beauty and fashion sector. She added that consumption in these categories will only increase in the future.
“In beauty and fashion, per capita consumption in India is so low that it needs to increase manifold, with new income increases we are seeing. We have seen this journey in China as well. India today is where China was 15-16 years ago. And there has just been a consumption boom across all categories, especially in the beauty and fashion segments. So we are confident that this will repeat itself in India,” she said.
Nayar, who is attending the ongoing ‘Startup Mahakumbh’, said the mega event is a “great showcase” of India’s innovation for the younger generation.
“The organizers have managed to bring together young innovators from many sectors and it will be a delight for visitors to see the kind of innovation sweeping India,” she said.
The startup ecosystem in India has always focused on consumers and solving their needs, through innovation.
“They brought solutions that allowed new industries to flourish… today we see that the size and scale of startups is immense. Most startups have millions of customers,” she said.
Entrepreneurship, she said, is about taking risks and being resilient through the ups and downs of the entrepreneurial journey.
“So sometimes emotion is positive, but the journey is mixed and you have to be able to go through the ups and downs of the journey and have that energy every day to move forward and reach your destination,” she said.
On the instances of corporate governance and regulatory shortcomings in the Indian startup ecosystem, Nayar emphasized that governance should be at the core of business operations.
“I think the companies will also learn their lesson that there should be no compromises on governance… compromising on governance because you are growing or because you are looking for size and scale… the rules. If the industry has set rules, the companies must follow them,” she said.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
First print: March 18, 2024 | 9:46 pm IST