Nykaa and Estée Lauder link up to scale next-gen Indian beauty and wellness start-ups
25 Jul 2022 --- Nykaa and Estée Lauder have jointly spearheaded Beauty & You India, a competitive program that supports Indian beauty and personal care start-ups. The competition offers the awardees masterclasses, financial support, mentorship, press coverage and distribution support.
Nykaa, founded in 2012, spent its first few years as a start-up selling beauty and wellness products, backed by the claim of sincerity, directly through its self-built e-commerce platform. After becoming well-established online, the company expanded further and launched its first offline store in 2015.
New Incubation Ventures is the division at Estée Lauder that created the joint program with Nykaa. Shana Randhava, the VP of this division, explains that the aim of the program is 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.”
Beauty & You India aims to do this by encouraging start-up founders to identify brand goals, achieve scale ambitions, and curate product portfolios that speak to a new generation of consumers in the Indian market.
The program supports India-focused companies and entrepreneurs through a competitive application process.Working closely with a beauty giant
Award recipients will gain access to Estée Lauder’s and Nykaa’s contacts and expertise across their beauty ecosystems, enabling them to nurture emerging ideas that amplify Indian voices and address unmet needs in skin care, makeup, hair care and fragrance categories.
“Recipients will gain an insider’s view of what it takes to build iconic, sustainable beauty brands from leading global experts,” states the partnership.
The total prize money for the top ideas selected is roughly US$500,000. Winners will also get national and worldwide press coverage.
The distribution services offered to awardees will include valuable guidance on how to scale and reach consumers at a local and global level with the opportunity to access Nykaa’s expansive omnichannel reach.
A panel of industry experts will assist with the judging process for Beauty & You India.
A panel of famous entrepreneurs, industry experts and thought leaders from the worlds of beauty, fashion, media and technology will assist with the judging process for Beauty & You India.
Indian beauty industry
In India, the fascination with beauty is expanding, as is the local personal care industry. It is no longer limited to the wealthy and young, nor is it restricted to a single gender.
According to Ambuja, a castor oil manufacturer for cosmetics in India, beauty has now become a priority for both men and women of all ages, propelling the Indian cosmetic sector to such heights that it may soon compete with worldwide markets.
Ambuja-cited data estimates that India’s beauty and personal care market will grow to US$24.53 billion in 2022 and it is expected to reach US$33.33 billion by 2027, which is a 6.32% CAGR growth.
In terms of diversifying target demographics, the only few products available for men in the Indian cosmetic and personal care section were once limited to shaving cream and deodorants, stresses Ambuja. Now, there is a diverse range of products available for men, including fairness cream, hair removal creams, moisturizers, bread growth and maintenance products, sunscreen, chapsticks and hair styling products, to list a few.
However, what has been the most significant changeover in the Indian cosmetic industry was the switch from chemical to natural products, notes Ambuja. Organic and natural cosmetics are considered “the future of Indian cosmetics” because people are becoming more aware of the detrimental consequences of chemical-based cosmetics.
By Mieke Meintjes
