Agency behind Nykaa targets ‘underpenetrated’ GCC magnificence market

FSN E-Commerce Ventures is the mother or father firm of Indian magnificence, style and life-style e-commerce agency Nykaa.

In October this yr, the agency introduced a strategic alliance between its subsidiary FSN Worldwide and Center Japanese firm Attire Group to faucet into the Gulf markets to undertake an omnichannel, multi branded magnificence retail enterprise.

Based on FSN Worldwide, it owns a 55% stake on this three way partnership towards Attire Group’s 45%.

“We intend to construct a powerful enterprise on the traces of Nykaa in India within the six international locations of Gulf Company Council (GCC) particularly UAE, Saudi Arabia, Bahrain, Kuwait, Oman and Qatar. We’re very excited at first with the market alternative that GCC presents,” ​mentioned Vikas Gupta CEO of Nykaa Distribution and Nykaa Worldwide.

Talking in the course of the agency’s second quarter (Q2) earnings name, Gupta expressed the agency’s pleasure of increasing into the GCC area.

It is without doubt one of the most value-dense markets on this planet in the case of magnificence. With the numerous younger inhabitants that’s witnessing robust winds of constructive change by way of girls’s proper and ladies empowerment.

“The e-commerce phase is underpenetrated, however rising quickly, forward of the overall market. We view this chance positively and imagine we are able to construct a powerful sustainable enterprise there with the Nykaa playbook and Nykaa vitality.”

Along with its e-commerce platform, the agency owns a number of magnificence manufacturers together with Nykaa Cosmetics, Kay Magnificence, Wanderlust, Dot & Key, and Earth Rhythm, which can profit from this enlargement.

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