The corporate behind Nykaa targets the ‘not but penetrated’ GCC magnificence market

The corporate behind Nykaa targets the ‘not but penetrated’ GCC magnificence market

FSN E-Commerce Ventures is the dad or mum firm of Indian magnificence, style and way of life e-commerce firm Nykaa.

In October of this yr, the corporate introduced a strategic alliance between its subsidiary FSN Worldwide and the Center East firm Attire Group to faucet the Gulf markets to appreciate omnichannel magnificence retail enterprise. , multi-brand.

In accordance with FSN Worldwide, it owns a 55% stake within the three way partnership in comparison with Attire Group’s 45%.

“We intend to construct a robust enterprise on the Nykaa service in India within the six Gulf Company Council (GCC) international locations specifically the UAE, Saudi Arabia, Bahrain, Kuwait, Oman and Qatar. Initially, we’re delighted with the market alternative that GCC presents,” stated Vikas Gupta, CEO of Nykaa Distribution and Nykaa Worldwide.

Talking throughout the firm’s second-quarter (Q2) earnings name, Gupta expressed the corporate’s pleasure about increasing into the GCC area.

It is among the highest worth markets on the planet with regards to magnificence. With a considerable younger inhabitants is witnessing robust winds of optimistic change in ladies’s rights and ladies’s empowerment.

“The e-commerce section has not but been penetrated deeply however is rising quickly, main the complete market. We see this chance positively and imagine we are able to construct a robust sustainable enterprise there with Nykaa play and Nykaa power.”

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

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