Falguni Nayar

Falguni Nayar is the founder, executive chairperson, managing director and chief executive officer of Nykaa's listed parent, FSN E-Commerce Ventures.

Journey

Nayar studied at Sydenham College and earned a management degree from IIM Ahmedabad. She spent about two decades in investment banking at Kotak Mahindra, including as managing director of Kotak Investment Banking, before leaving to start a consumer business.

She founded Nykaa in 2012 as an online beauty retailer built around authorised products and content. The company expanded into private labels, physical stores, fashion and business-to-business distribution. FSN E-Commerce Ventures listed in 2021. Nayar continues in the combined chairperson, MD and CEO role, while other executives lead major operating verticals.

Working approach

Nayar has favoured controlled inventory and brand relationships in a category where counterfeit risk can damage trust. Nykaa's move into stores and owned brands added margin opportunities but also more operational complexity.

Assessment

She built a differentiated beauty retailer after a long professional career rather than directly from college. The test is to sustain governance, customer trust and returns as Nykaa expands beyond its strongest beauty franchise.