Nykaa’s strategy to surpass $5 billion in goods sold by fiscal 2030

By Amanda May | Published: 19-Jun-2026

The Indian beauty retailer is aiming to grow its gross merchandise value (GMV) two-to-threefold over the next five years, while also reaching 100 million beauty consumers and expanding its footprint to more than 600 stores

Nykaa wants to surpass US$5bn in goods sold by fiscal 2030 to cement its position as a leading beauty and lifestyle player, and help shape India's next decade of consumption growth.

As part of its ambitious five-year roadmap, the Indian retailer plans to grow its gross merchandise value (GMV) two-to-threefold by FY30, with a potential healthy double-digit EBITDA margin.

When it comes to Nykaa Beauty, the company plans to reach 100 million beauty consumers, triple its prestige and premium beauty shopper base, and expand its retail footprint to more than 600 stores by 2030.

This will be driven by continued investments in omnichannel capabilities, artificial intelligence (AI)-powered personalisation and category innovation, said the company.

As well as “disciplined execution, operating leverage and capital-efficient investments”, enabling sustained margin expansion and a return on capital employed (ROCE) of more than 40%, while continuing to create long-term value for shareholders.

"The next decade will be a defining one for India’s lifestyle economy,” said Falguni Nayar, Executive Chair, founder and CEO of Nykaa, at the company’s Annual Investor Day 2026, held on 18 June.

“As India progresses towards an $8tn to $10tn economy by FY36, rising affluence, digital adoption and evolving aspirations will drive higher discretionary spending across beauty, fashion and lifestyle.

“This expanding opportunity positions us well to serve 200 million cumulative consumers by FY36.

“Over the years, we have systematically expanded our addressable market, moving into adjacent categories and capturing a larger share of consumer spend.”

Have you launched an innovative product, brand or campaign in the past 12 months? Then you could be in with a chance of winning at this year's new and improved Pure Beauty Awards 2026. Click here for more information.

Nykaa currently serves 45 million consumers across beauty, fashion, wellness and adjacent categories via its digital platforms and a network of 313 stores across 99 cities.

Exiting FY26 at ~₹15,000 crore GMV, the retailer has doubled both its GMV and revenue over the past three years while maintaining profitability.

Meanwhile, over the past six years, the company's GMV has grown more than x7, with beauty scaling x6, fashion x27 and House of Nykaa x10.

The business’ House of Nykaa Beauty concept has also emerged as one of India’s largest beauty brand portfolios, which builds and scales brands through consumer insights, innovation and omnichannel distribution.

House of Nykaa Beauty grew GMV to ₹2,788 crore in FY26, nearly x10 over the past six years.

Successes such as Dot & Key’s focus on bringing industry-first innovations, and Kay Beauty’s international launch at Space NK in the UK, underscore the strength of House of Nykaa’s brand-building capabilities.

“Wellness is the next major opportunity, and one we believe is a natural extension of our journey,” said Nayar.

“As consumers increasingly embrace a more holistic approach to self-care, the convergence of beauty, wellness and longevity is creating a large and attractive growth opportunity.

“At the same time, AI is opening up new possibilities in how we serve consumers and scale our business.

“From making discovery and personalisation more intuitive, to improving speed, productivity and decision-making across the organisation, we believe technology will be a powerful enabler of our next phase of growth.

“We are excited about building a stronger and more agile Nykaa as we continue to deepen consumer engagement and capture the opportunities ahead.”

Nykaa said it will also continue to build on its AI-powered experiences, following the success of Skin Scan, which brings visual diagnostics into the shopping journey, and Virtual Closet, which transforms product evaluation through immersive experiences.

It was also among the first ecommerce platforms to integrate with ChatGPT in India.

Going forward, Nykka said it will continue to embed AI across every layer of the business, from discovery and personalisation to merchandising and operations.