Estée Lauder and Nykaa have joined forces to introduce the Beauty & You India initiative, an incubator program that aims to assist young Indian beauty brands and entrepreneurs in developing their projects. This program is set to provide a range of resources and support, including master classes, mentoring, financial assistance, and guidance on distribution via Nykaa. The deadline for interested candidates to submit their applications is September 30, 2022, and the selected participants will be announced in November.

The beauty and personal care market in India is estimated to be worth a staggering $15 billion, with a projected growth rate of 9.6% this year, according to Euromonitor International. While it may still be behind the beauty markets of China and the United States, India’s beauty industry is expected to witness significant expansion in the upcoming years due to the rising middle class. In fact, the United Nations Department of Economic and Social Affairs predicts that India will become the most populated country globally by 2023.

These enticing prospects have captured the attention of the beauty industry, with major players like L’Oreal making moves to enter or re-enter the Indian market. For instance, L’Oreal recently reintroduced its luxury brand Lancôme in India. Additionally, Sugar Cosmetics, a young Indian beauty brand, secured an impressive $50 million in funding earlier this year from investors such as L Catterton, the French-American investment fund co-founded by LVMH. Nykaa, an online beauty retailer established by Falguni Nayar in 2012, also made waves when it debuted on the Mumbai Stock Exchange in November 2021.

The partnership between Estée Lauder and Nykaa aligns perfectly with Estée Lauder’s objective of tapping into India’s highly lucrative beauty market and supporting the growth of local beauty brands. The company perceives India as a thriving landscape for innovation and entrepreneurship in the beauty sector. Shana Randhava, the Vice President of New Incubation Ventures for the Estée Lauder Group, emphasized that Beauty & You is designed to serve as a catalyst for the entrepreneurial spirit in India and provide opportunities for the next generation of cosmetic brands to achieve sustainable growth.

By launching Beauty & You India, Estée Lauder and Nykaa are utilizing their expertise and resources to nurture and elevate the Indian beauty industry. With a strong focus on mentorship, education, and financial support, the program aims to empower young Indian beauty brands and entrepreneurs, providing them with a platform to flourish in one of the world’s fastest-growing beauty markets.

Useful links related to the article:
1. Estée Lauder official website
2. Nykaa official website