Indian beauty and lifestyle retailer Nykaa has unveiled an ambitious long-term growth strategy, projecting that its gross merchandise value (GMV) will reach approximately $5 billion by the financial year 2030. The company’s outlook is supported by rising consumer discretionary spending in India, along with increasing demand for organized retail and digital shopping platforms.
As part of its financial projections, Nykaa expects its overall revenue to grow two to three times over the next several years, ending March 2030. During the same period, the company anticipates a significant improvement in profitability, with EBITDA expected to increase four to five times. Margins are projected to gradually expand into the low-to-mid double-digit range, reflecting stronger operational efficiency and scale benefits.
A major driver of this growth is Nykaa’s beauty segment, which remains its core business. The company aims to double or potentially triple GMV in beauty products compared to the $1.70 billion recorded in FY26. To support this expansion, Nykaa plans to grow its physical retail footprint substantially, increasing its store count from 313 outlets across 99 cities to more than 600 stores nationwide.
The company is also accelerating its push into the fashion category, where it expects GMV to expand by approximately 3 to 3.5 times by FY30. Alongside this growth, Nykaa anticipates achieving high single-digit EBITDA margins in its fashion division, signaling improved profitability in a segment that is still scaling.
Technology is playing a central role in Nykaa’s long-term strategy. The company is actively integrating artificial intelligence across its operations, with more than 40 generative AI initiatives currently underway. These include personalized product recommendations, AI-driven advertising systems, and automated customer support tools designed to enhance user experience and operational efficiency.
Overall, Nykaa’s strategy reflects a broader transformation into a technology-enabled omnichannel retailer. By combining strong growth in beauty and fashion with advanced digital tools and expanding physical presence, the company aims to strengthen its position in India’s rapidly evolving consumer lifestyle market while capturing the rising wave of digital-first retail adoption.
