Leading cosmetics retailer Nykaa has suspended all operations and temporarily shut down its retail stores, corporate offices and warehouses.
The company said in a statement on March 31 that the step has been taken in light of the novel coronavirus, or COVID-19, outbreak, following which a nationwide lockdown was announced by Prime Minister Narendra Modi on March 24.
To track all live updates from the coronavirus pandemic, click here…
"Most state governments have issued directives to temporary shutdown establishments, retail stores, logistics, business operations, etc. We are adhering to every instruction of the government and the health department and will continue to do so," it added.
Nykaa also said it will not be able to make payments of outstanding invoices to all vendors and partners in time, citing a disruption in its cash flow due to the ongoing lockdown as reason for the same.
Frequently Asked Questions
A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.
There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.
Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.
"Like all other consumer-facing businesses, we now face a situation where our cash flow and income are impacted, but on the other hand, our expenses remain constant," it explained.
Follow our full coverage here…