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Growth drivers for the beauty and personal care segment include “evolving consumer preferences”, stronger discretionary spending by Millennials and GenZ, the potential for personalisation of premium solutions, and digitisation, including the use of VR/ AR to deliver virtual try-on experiences
Nomura said Nykaa has a strong moat, led by much higher scale, exclusive brand tie-ups, BPC-focused app, omnichannel and a strong influencer network.