Nykaa inks pact with Estée Lauder Companies to launch BEAUTY-;YOU India; stock rises

21 Jul 2022 , 09:51 AM

The Estée Lauder Companies (ELC) and Nykaa (FSN E-commerce) launch BEAUTY&YOU India. B&Y India, created by ELC’s New Incubation Ventures and launched in collaboration with NYKAA, aims to discover, spotlight, and propel the next generation of Indian beauty brands.

Through a competitive application process, the programme will back India-focused businesses and entrepreneurs.

Awards for both pre-launch and in-market premium beauty concepts will be announced in November 2022, based on applications submitted by September 30, 2022, via the website beautyandyouawards.

BEAUTY&YOU aims to assist founders, innovators, and creators in organically growing their businesses by identifying brand goals, achieving scale ambitions, and curating product portfolios that have access to a new generation of Indian consumers.

Access to ELC and NYKAA relationships and expertise across the beauty ecosystem will be provided to award recipients in order to nurture emerging ideas that amplify Indian voices and address unmet needs in the categories of skincare, makeup, hair care, and fragrance.

In addition to other resources, award recipients will get Masterclasses, Financial Support, Mentorship, Awareness, and Distribution Support from BEAUTY&YOU.

In addition to the benefits listed above, successful applicants may establish a long-term relationship with ELC’s New Incubation Ventures and NYKAA. The BEAUTY&YOU India programme will be led by Shana Randhava, Vice President, ELC New Incubation Ventures, and Anchit Nayar, CEO of Beauty for NYKAA e-Commerce.

The BEAUTY&YOU website will be launched on July 21, 2022, at 9:00 a.m. IST. The application portal will be open on August 1, 2022, and applications will be accepted until 11:59 p.m. IST on September 30, 2022.

The programme reflects ELC and NYKAA’s shared commitment to positively impact the entire beauty ecosystem, as well as their shared desire to fuel the growth of the Indian premium beauty segment by meeting consumers’ evolving needs and preferences by delivering breakthrough and locally relevant products, experiences, and business models.

Nykaa is currently trading at Rs1,411 per piece, up by Rs5.75 or 0.41% from its previous closing of Rs1,405.25 on the BSE.