Nayar spoke passionately about the thriving entrepreneurial landscape in India, describing it as a vibrant canvas of endless possibilities. She emphasized the pivotal role of startups in shaping this landscape, citing India’s remarkable position as the third-largest startup ecosystem globally, boasting over 100,000 startups that are innovating to address real-world challenges.

According to Nayar, the rise of direct-to-consumer (D2C) brands is a testament to the evolving consumer landscape, characterized by shifting patterns and preferences. She highlighted the agility of D2C brands in responding to changing trends and their ability to swiftly bring products to market.

Fashion and beauty brands dominate the D2C space, comprising 44% of new entrants in recent years. Nayar expressed pride in Nykaa’s role as a multi-brand platform, nurturing the growth of these brands and fostering a conducive environment for their success.

Discussing the growth potential of the beauty and personal care (BPC) industry in India, Nayar projected a significant increase in per capita expenditure by 2030. This growth trajectory is attributed to the expected rise in per capita income, which is forecasted to double by 2030.

Furthermore, Nayar predicted a surge in per capita fashion spending with the anticipated increase in GDP per capita. Nykaa Fashion is already witnessing a shift in consumer behavior towards higher spending, reflecting the growing importance of fashion in the online retail landscape.

Looking ahead, Nayar forecasted that fashion, groceries, and general merchandise would dominate the e-commerce market by 2027, comprising two-thirds of total sales. This projection underscores the evolving retail landscape in India and the increasing significance of online channels in meeting consumer needs.