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 mum or dad firm of Indian magnificence, style and life-style e-commerce firm Nykaa.

In October of this 12 months, 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.

Based on 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 particularly the UAE, Saudi Arabia, Bahrain, Kuwait, Oman and Qatar. To start with, we’re delighted with the market alternative that GCC presents,” mentioned Vikas Gupta, CEO of Nykaa Distribution and Nykaa Worldwide.

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

It is without doubt one of the highest worth markets on the planet in the case of magnificence. With a considerable younger inhabitants is witnessing robust winds of constructive change in girls’s rights and girls’s empowerment.

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

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.

Leave a Reply

Your email address will not be published. Required fields are marked *