Looking to tap into the exploding Indian beauty market, The Estée Lauder Companies (ELC) has partnered with Nykaa—one of India's leading omnichannel beauty and lifestyle retailers, valued at $13 billion—to launch an incubator for Indian beauty entrepreneurs.
According to Euromonitor International, the Indian beauty and personal care market is valued at $15 billion and is estimated to grow by 9.6 percent this year. A snapshot of the beauty market predicts 900MM internet users and 500MM active social media users (52% of these millennials & Gen Z) by 2025, and a 4.8X increase in online beauty shoppers in India from 25MM in 2020 to 122MM+ in 2025.
ELC's new incubation ventures arm will drive Beauty & You India, in partnership with Nykaa, to discover, spotlight, and propel the next generation of Indian founders, innovators, and creators. ELC said the program shows "a joint commitment to have a positive impact on the entire beauty ecosystem and shared desire to fuel the growth of the Indian premium beauty segment by meeting the evolving needs and preferences of consumers by delivering breakthrough and locally relevant products, experiences, and business models."
"With its incredibly vibrant economy and cutting-edge startup community, India represents an exciting opportunity for beauty creators and innovators. Our vision is for Beauty & You to harness the entrepreneurial energy in India to advance next-generation beauty brands by presenting opportunities that help put brands on a long-term, sustainable growth path," says Shana Randhava, Vice President, New Incubation Ventures, The Estée Lauder Companies. "Beauty & You is inspired by the core values and collaborative culture that ELC and Nykaa share. We believe we have a responsibility to share our experiences with the next generation of founders and we hope Beauty & You will be a catalyst for Indian entrepreneurs to fuel their passion, brand, and mission."
The program will support India-focused companies and entrepreneurs through a competitive application process for pre-launch and in-market beauty concepts. A panel of eminent entrepreneurs, industry experts, and thought leaders from beauty, fashion, media, and technology will choose an indefinite number of brands to be announced in November 2022. The winners will share $500,000 in prize money and will have access to local and international mentors, masterclasses, and guidance on financing, product development, distribution, and marketing.
Anchit Nayar, CEO of Beauty for Nykaa e-Commerce, is committed to providing access for companies and founders to market and scale their businesses. "Nykaa's emergence as a leading consumer technology platform over the past several years is an outcome of an incredibly vibrant digital India that has spurred innovation and created an entrepreneurial ecosystem that is best in class globally. Now it is a chance for us to give back to the ecosystem by fostering the next generation of entrepreneurs in the beauty and lifestyle verticals. Beauty & You is an opportunity for us to identify and nurture talented founders to build truly unique consumer brands for the Indian consumer, and potentially for the world."
ELC entered the Indian market in 2005 and has been in partnership with Nykaa for the past six years. ELC recently partnered with Nykaa to expand the Aveda brand by tapping Nykaa's market understanding. The first Aveda x Nykaa brand salon was launched in Bengaluru, with two additional salons set to open this year in the Delhi-NCR and Mumbai areas. In addition to opening flagship salons, Nykaa will distribute Aveda products through multiple channels, including B2B distribution with salon partners.
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