Estée Lauder and Nykaa launch incubator for young Indian beauty brands
Estée Lauder has its sights set on India and its booming beauty market. The American cosmetics group (that owns brands such as Estée Lauder, M.A.C, and Deciem) has just joined forces with Indian company Nykaa, an online beauty retailer, to launch Beauty & You India. This program is aimed at supporting young Indian beauty labels and entrepreneurs in developing their projects.
Candidates have until September 30, 2022 to submit their applications. Selected participants will be announced in November. Beauty & You India will focus on master classes, mentoring, as well as financial support and help with distribution via Nykaa.
"With its incredibly dynamic economy and cutting-edge start-ups, India is an exciting terrain for beauty designers and innovative ideas. We want Beauty & You to be the catalyst for this entrepreneurial spirit in India to advance the next generation of cosmetic brands by presenting them with opportunities that help them get on the path to sustainable growth," explained Shana Randhava, vice president of New Incubation Ventures, the new investment and incubation arm for start-up brands launched by the Estée Lauder Group that oversees Beauty & You.
According to Euromonitor International, the Indian beauty and personal care market is estimated at $15 billion and is expected to grow by 9.6% this year. While these figures are still far from those of China, with a market value of 88 billion dollars, or the United States, with its 102 million dollars, the Indian beauty market is expected to skyrocket in the years to come, driven by a growing middle class. In fact, according to the UN Department of Economic and Social Affairs, India, which currently has 1.4 billion inhabitants, will become the most populated country in the world by 2023, followed by China.
These forecasts are very appealing for the beauty industry. Over the past few days, global beauty giant L'Oreal has begun to re-establish Lancôme, the flagship brand of its luxury division, in the Indian market, while in May, Sugar Cosmetics, a young Indian beauty brand, closed a $50 million funding round with a group of investors, including the Asian arm of L Catterton, the French-American investment fund co-founded by LVMH.
It is also worth noting that in November 2021, online retail company Nykaa, founded in 2012 by businesswoman Falguni Nayar, entered the Mumbai Stock Exchange.
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