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India's Nykaa and Dubai's Apparel Group forge Gulf alliance
The two companies will together build a multi-brand beauty retail business in Gulf Cooperation Council countries
Falguni Nayar, founder and CEO of the beauty and lifestyle retail company Nykaa and Sima Ganwani Ved, Founder and Chairwoman of fashion and lifestyle retail conglomerate, Apparel Group pose for a picture during a strategic alliance announcement in Mumbai, India, October 6, 2022. Photo: Supplied
Indian cosmetics and fashion retailer Nykaa on Thursday entered a strategic alliance with Dubai-based fashion and lifestyle retail conglomerate Apparel Group to expand in Gulf countries, the companies said.
Nykaa chief executive Falguni Nayar said the two companies will together build a multi-brand beauty retail business in Gulf Cooperation Council countries.
Nykaa will holding a 55 per cent stake in the entity and Apparel Group will hold the rest, Nayar added. The companies did not disclose financial details of the agreement.
The Indian retailer expects stronger demand for its products in the current quarter after a subdued season where inflationary pressures dented consumer spending.
The upcoming festival season, which extends to the end of the year, would further boost consumer demand for beauty, personal care and wellness products, that Nykaa said was already showing early signs of recovery. — Reuters
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