A few years ago, buying beauty products meant relying on a local shop or a mall counter. But Today in 2026, the purchase journey starts directly in our social feeds, completely breaking the old physical retail moats.

I just published a deep dive into how this shift from a push to a pull model made Nykaa possible.

Many investors treat Nykaa like a generic ecommerce platform, which completely misses their true value. The real magic lies in their inventory led beauty business, where private labels are never just side projects. They are a profound margin architecture that significantly lifts profitability.

While their fashion segment is cyclical and headline valuation ratios look absurd, their core beauty engine is proving real operating leverage alongside durable earnings power. With giants like Reliance and Tata aggressively entering the space, the true battle is now entirely about who owns the premium discovery layer.

If you want to look past the misleading metrics and understand the actual unit economics of the Indian beauty boom, give the full piece or the podcast version a read or listen.

https://open.substack.com/pub/spicapitalresearch/p/nykaa-and-the-death-of-old-distribution

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