~ The WEF announced the addition of changemakers in the 20th edition of the Young Global Leaders Community, all under 40 years old and representing diverse sectors, forming the class of 2024 ~
15 April 2024: Adwaita Nayar, the co-founder of Nykaa and CEO of Nykaa Fashion, has been inducted into the esteemed World Economic Forum’s Young Global Leaders Community as part of the Class of 2024. Comprising 90 remarkable individuals, this group of changemakers is at the forefront of shaping the future and fostering positive change through their innovative endeavors. Adwaita’s inclusion in this prestigious community serves as a testament to her versatility as a leader and strategist.
As the forum of young leaders completes 20 glorious years, this recognition reflects their commitment to fostering the next generation of changemakers. Some of the world’s most powerful political and business leaders including several current and former Prime Ministers and Presidents, Nobel laureates, Fortune 500 CEOs and billionaires are a part of this league.
As co- founder of Nykaa, Adwaita has played a pivotal role in the inception of the company and shaping it into the business it is today. In the initial years, her multifaceted leadership was most evident in the varied projects she led at Nykaa dealing with the complexities of fundraising, marketing and operations. Her foray in physical retail led to Nykaa opening doors to 30 stores in only 18 months. A serial intrapreneur, at the end of 2018, she took over the reins of Nykaa’s newest venture at the time – Fashion. Over time, Nykaa Fashion has emerged as one of the fastest-growing fashion platforms in India, owing to its growth in Gross Merchandise Value (GMV). In the third quarter of FY24, Nykaa Fashion achieved a GMV of INR 1,013 crores. She leads a vast team of nearly 400 people and is best known for being entrepreneurial, leading all things disruptive, a strong team builder, and an unrelenting executor.
With Nykaa Fashion, Adwaita has built a business that gives equal importance to price, style, value, choice, and quality, further enabling the brand to stand out in the clutter of discount-led platforms. Her agile ways of working and strategic, forward-thinking have led the company to develop and rapidly evolve a truly distinct platform, resonating strongly with the premiumization of India’s fashion story. During Nykaa’s blockbuster IPO, Adwaita played a critical role in showcasing the fashion story to investors as part of 300+ roadshows. Under her guidance, Nykaa Fashion has established partnerships with over 3,000 leading International and domestic brands across four consumer divisions: women, men, kids, and home.
Adwaita Nayar, Co-founder, Nykaa and CEO, Nykaa Fashion said, “Being inducted as a Young Global Leader by the World Economic Forum is truly an honor and a privilege. What is particularly exciting is to be able to learn from diverse delegates – learn about inclusive and sustainable practices in various countries and industries – and bring those ideas to India.”
For two decades, the Forum of Young Global Leaders has been at the forefront of cultivating a unique community of leaders who are dedicated to tackling the world’s most pressing problems head-on. This community has served as an example of the impact that collective action can have; whether it is pioneering groundbreaking initiatives in public health and economic development or driving cutting-edge innovations in technology and sustainability, over the years.
About Nykaa:
At Nykaa, we share one vision- to bring inspiration and joy to people everywhere, every day. Born out of a desire to make beauty a mainstream choice, the Nykaa journey began in 2012 as a digitally native, consumer-tech company. Falguni Nayar’s entrepreneurial leap with Nykaa, tapped into an underserved beauty retail market, disrupting the ecosystem and putting India in the global spotlight. Today, Nykaa has expanded its offerings to include lifestyle and B2B by introducing online platforms Nykaa Fashion, Nykaa Man, and Superstore.
Over the years, Nykaa has steadily captured the hearts of Indian consumers, ushering visits to both its online and 175 offline destinations and building loyal communities through engaging and educational content. Nykaa continues to build its house of brands with a sharp focus on innovation and consumer delight. Beauty brands such as Kay Beauty, Nykaa Naturals, Nykaa Cosmetics, and Wanderlust and fashion brands such as Nykd, Gajra Gang, Likha, RSVP and Pipa Bella, have become household names, as they consistently deliver on inspiration and high performing products to the consumers.
Nykaa’s unwavering commitment to authenticity and customer centricity has made it the retailer of choice for international brands entering India. Nykaa’s Global Store, a gateway into the world of coveted international brands, leverages the company’s proven supply chain and marketing capabilities to offer a truly seamless shopping experience.
For its role in building India’s beauty and lifestyle retail markets, Nykaa has been awarded several Indian and International accolades. Nykaa has been recognised as the Consumer Company of the Year by VCCircle Awards and was proudly featured in the TIME100 Most Influential Companies List.
