Firm behind Nykaa targets ‘underpenetrated’ GCC beauty market

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FSN E-Commerce Ventures is the parent company of Indian beauty, fashion and lifestyle e-commerce firm Nykaa.

In October this year, the firm announced a strategic alliance between its subsidiary FSN International and Middle Eastern company Apparel Group to tap into the Gulf markets to undertake an omnichannel, multi branded beauty retail business.

According to FSN International, it owns a 55% stake in this joint venture against Apparel Group’s 45%.

“We intend to build a strong business on the lines of Nykaa in India in the six countries of Gulf Corporation Council (GCC) namely UAE, Saudi Arabia, Bahrain, Kuwait, Oman and Qatar. We are very excited first and foremost with the market opportunity that GCC presents,” ​said Vikas Gupta CEO of Nykaa Distribution and Nykaa International.

Speaking during the firm’s second quarter (Q2) earnings call, Gupta expressed the firm’s excitement of expanding into the GCC region.

It is one of the most value-dense markets in the world when it comes to beauty. With the significant young population that is witnessing strong winds of positive change in terms of women’s right and women empowerment.

“The e-commerce segment is underpenetrated, but growing rapidly, ahead of the total market. We view this opportunity positively and believe we can build a strong sustainable business there with the Nykaa playbook and Nykaa energy.”

In addition to its e-commerce platform, the firm owns several beauty brands including Nykaa Cosmetics, Kay Beauty, Wanderlust, Dot & Key, and Earth Rhythm, which will benefit from this expansion.

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