Key Points
India is at a place today where China was some years back in terms of aspirational growth and consumption, Anchit Nayar, executive director and CEO at beauty and lifestyle retailer Nykaa Beauty, said in an interview..
The next ten years will look really good for beauty and retail... this is a multi-decade story," he said.. Speaking about increased competition in the beauty market with the entry of some of India's largest business groups including Reliance Retail-backed Tira and Tata CLiQ Palette, Nayar said: "Competition has been around since we started, that time also we would be asked how we would 'Amazon-proof' our business..
Having said that, newer competitors will expand the market and accelerate consumption of the category," he told ET, at an event to announce scale up plans for the Estee Lauder Companies (ELC) and Nykaa-backed New Incubation Ventures, a strategic early-stage investment and incubation arm which invests in beauty businesses...
New Incubation Ventures will scale up partnerships with founders and entrepreneurs to fund emerging beauty brands and new business models, Shana Randhava, senior vice president, New Incubation Ventures, ELC, said..
"With a higher degree of consumer awareness and an influx of options, India represents an exciting opportunity for the global beauty ecosystem," she said.. Randhava said the platform will identify opportunities strategically and identify more brands to invest in..
