India’s biggest beauty retailer FSN E-Commerce Ventures Ltd., operator of beauty retailer Nykaa, has begun its global expansion with a UK foray through Ulta Beauty-owned Space NK.
The beauty giant, popular among India's GenZ, has launched Kay Beauty in Britain, developed with actor Katrina Kaif, Bloomberg has reported.
The brand is set to debut on Thursday across 13 stores of Space NK, owned by Ulta Beauty Inc., as well as on the chain’s online platform, Bloomberg cited FSN’s Co-Founder and Executive Director Adwaita Nayar as saying in an interview. “The US, Middle East and certain markets in Asia” are also being considered for expansion, she said.
The move brings FSN into direct competition with global majors such as L’Oreal SA and Estee Lauder Cos Inc. in one of the world’s most competitive cosmetics markets. Kay Beauty will offer a mix of everyday products across skin tones and specialty items like kohl, which is widely used by South Asian consumers, Bloomberg quoted Nayar.
Nykaa's shares were trading at Rs 232.25 apiece on the BSE, up 0.13% on Thursday as of 12.38 PM.
FSN has been testing international waters through the Middle East, opening its first Dubai outlet last year with UAE-based Apparel Group and setting up subsidiaries in Qatar and Oman.
Earlier this year in February, Falguni Nayar, founder and CEO of Nykaa, had underscored the company’s global ambition. “We do believe in global expansion and we believe our brands have the capability to travel internationally,” she had said in an interview with ET Now.
At home, FSN E-Commerce reported a consolidated net profit of ₹24 crore in the June quarter, up 79% from ₹14 crore a year earlier. Revenue from operations grew 23% to ₹2,155 crore compared to ₹1,746 crore in Q1 FY25.
Nykaa has grown quickly as India’s first large-scale online beauty marketplace, helped by higher spending power and social media adoption among millennials and Gen Z. The domestic beauty and personal care sector is projected to rise to $34 billion by 2028 from $21 billion in 2023, according to a September report by Redseer Strategy Consultants and Nykaa.
Nayar said FSN aims to nearly triple gross merchandise value for its in-house brands to 60 billion rupees ($685 million) by March 2030, compared with about 21 billion rupees in the financial year ended March 2024. “We’d like to strive for profitability margins that some of the world’s best have of around mid-teens to early-twenties,” she told Bloomberg, without disclosing current margins.
Shares of FSN have surged nearly 40% this year, outpacing the Nifty 50 index’s 4% rise.
The company expects fresh launches to drive sales in India’s upcoming festive season, starting September, and is also investing in its fashion vertical, including plans to expand in-house lingerie, Bloomberg quoted Nayar as saying.
(With inputs from Bloomberg)
The beauty giant, popular among India's GenZ, has launched Kay Beauty in Britain, developed with actor Katrina Kaif, Bloomberg has reported.
The brand is set to debut on Thursday across 13 stores of Space NK, owned by Ulta Beauty Inc., as well as on the chain’s online platform, Bloomberg cited FSN’s Co-Founder and Executive Director Adwaita Nayar as saying in an interview. “The US, Middle East and certain markets in Asia” are also being considered for expansion, she said.
The move brings FSN into direct competition with global majors such as L’Oreal SA and Estee Lauder Cos Inc. in one of the world’s most competitive cosmetics markets. Kay Beauty will offer a mix of everyday products across skin tones and specialty items like kohl, which is widely used by South Asian consumers, Bloomberg quoted Nayar.
Nykaa's shares were trading at Rs 232.25 apiece on the BSE, up 0.13% on Thursday as of 12.38 PM.
FSN has been testing international waters through the Middle East, opening its first Dubai outlet last year with UAE-based Apparel Group and setting up subsidiaries in Qatar and Oman.
Earlier this year in February, Falguni Nayar, founder and CEO of Nykaa, had underscored the company’s global ambition. “We do believe in global expansion and we believe our brands have the capability to travel internationally,” she had said in an interview with ET Now.
At home, FSN E-Commerce reported a consolidated net profit of ₹24 crore in the June quarter, up 79% from ₹14 crore a year earlier. Revenue from operations grew 23% to ₹2,155 crore compared to ₹1,746 crore in Q1 FY25.
Nykaa has grown quickly as India’s first large-scale online beauty marketplace, helped by higher spending power and social media adoption among millennials and Gen Z. The domestic beauty and personal care sector is projected to rise to $34 billion by 2028 from $21 billion in 2023, according to a September report by Redseer Strategy Consultants and Nykaa.
Nayar said FSN aims to nearly triple gross merchandise value for its in-house brands to 60 billion rupees ($685 million) by March 2030, compared with about 21 billion rupees in the financial year ended March 2024. “We’d like to strive for profitability margins that some of the world’s best have of around mid-teens to early-twenties,” she told Bloomberg, without disclosing current margins.
Shares of FSN have surged nearly 40% this year, outpacing the Nifty 50 index’s 4% rise.
The company expects fresh launches to drive sales in India’s upcoming festive season, starting September, and is also investing in its fashion vertical, including plans to expand in-house lingerie, Bloomberg quoted Nayar as saying.
(With inputs from Bloomberg)
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