India‘s fast-growing beauty market has seen a significant uptick in entrepreneurs launching brands and identifying new market and consumer segments.
The third edition of Beauty & You, a competition that was launched by the New Incubation Ventures arm of the Estée Lauder Cos. and Nykaa, a leading Indian beauty and lifestyle retailer, in 2022 reflects that jump. This year, there were more than 650 applicants for the coveted awards — double that of last year — from 50 cities.
The winners were announced at a ceremony in mid-October in New Delhi. Although three finalists were expected to be named at the event, there was a surprise fourth winner, with two of the finalists from the Imagine (pre-market concepts) category being chosen: Not Just Vanilla and Amright.
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The other winners were SkinInspired in the Grow (in-market) category, and Journey of Objects in the Create (creative storytellers).
Each concept reflects the cutting-edge ideas that are emerging as part of the $16.89 billion beauty and personal care market here.
Not Just Vanilla, for example, redefines body care with targeted, results-driven solutions for overlooked areas. Amright combines clinically proven Swiss ingredients with genetic research on hair to promote female hair regrowth, offering custom solutions to fullness. SkinInspired is a science-backed skin care company that uses multiactive ingredients, and Journey of Objects seamlessly blends reportage and retail in its e-commerce marketplace, embracing sustainability and thoughtful product curation keeping in mind the cultural diversity of the Indian market.
Executives from the Estée Lauder Cos. came out in full force for the event, including executive chairman William P. Lauder, who enchanted the audience with with stories about the entrepreneurial spirit of his grandmother, Estée.
After the event, Lauder told WWD that he was inspired by the ideas he had seen. “Seeing the energy of the Indian consumer and passion, I have great hope and aspirations for the way the Indian beauty market is developing and I think the future is very exciting,” he said. “I visited some wonderful stores in Mumbai and in New Delhi, and the factory for Forest Essentials in the North — it’s been a very inspiring trip.”
Lauder noted that the market had changed tremendously since his last visit in 2008. “I’m very inspired,” he said, adding that ELC takes great pride in being early adopters and movers in emerging markets, including the U.S and U.K. in the post world war era, Japan in the early ‘60s, South Korea in the late ‘80s, China in the early ‘90s and now India.
Stéphane de La Faverie, executive group president, of the Estée Lauder Cos., and Falguni Nayar, founder, managing director and chief executive officer of Nykaa were also there.
Nayar launched Nykaa as a beauty e-commerce venture in 2012, quickly expanding to become an omnichannel retailer.
Today, Nykaa’s gross merchandise value for the quarter ending June 2024 was 33.21 billion rupees, or $394.96 million, a 25 percent increase year-on-year.
“As a founder it has been incredibly important for me to support the next generation of founders who will continue to shape the beauty, fashion and tech sectors in India,” said Nayar, who spoke about the “huge consumption of beauty in the country,” and the huge momentum and growth in the beauty category.
As for what’s next for the winners?
They win financial support — via a pool size of approximately $500,000 — as well as access to distribution channels, mentorship and access to research and innovation resources.
