India’s fast-growing beauty market has seen a significant increase in entrepreneurs launching brands and identifying new markets and consumer segments.
The third edition of Beauty & You, a competition launched in 2022 by Estée Lauder’s New Incubation Ventures division and India’s leading beauty and lifestyle retailer Nikaa, reflects that leap forward. This year, we had over 650 applicants from 50 cities, double the number from last year.
The winners were announced at a ceremony in New Delhi in mid-October. The event was expected to select three finalists, but a fourth winner was surprisingly selected, with two of the finalists in the Imagine (pre-commercial concept) category, Not Just Vanilla and Amright were selected.
Other winners were SkinInspired in the Grow category and Journey of Objects in the Create category.
Each concept reflects cutting-edge ideas emerging as part of the $16.89 billion beauty and personal care market.
For example, Not Just Vanilla redefines body care with results-driven solutions that target overlooked areas. Amulite combines clinically proven Swiss ingredients with hair genetic research to promote hair regrowth in women and provide completely custom solutions. SkinInspired is a science-backed skin care company that uses multi-active ingredients. Keeping in mind the cultural diversity of the Indian market, Journey of Objects seamlessly blends reportage and retail in the e-commerce market, embracing sustainability and thoughtful product curation.
Skin inspiration skin care.
The event was attended by Estée Lauder executives in full force, including Executive Chairman William P. Lauder, who captivated the audience with stories of his grandmother Estée’s entrepreneurial spirit. did.
After the event, Roeder told WWD he was inspired by the ideas he saw. “Seeing the energy and passion of Indian consumers, I have great hopes and aspirations for the development of the Indian beauty market and think the future is very exciting,” he said. “I visited some great stores in Mumbai and New Delhi, and visited the Forest Essentials factory in the north. It was a very exciting journey.”
Roeder noted that the market has changed significantly since his last visit in 2008. “I’m very inspired,” he said, adding that ELC takes great pride in being an early adopter and pioneer in emerging markets, including the US and UK. World War II era, Japan in the early 60’s, South Korea in the late 80’s, China in the early 90’s, and now India.
Also in attendance were Stéphane de la Faverie, Executive Group President of Estée Lauder, and Falguni Nayyar, Founder, Managing Director and CEO of Nikaa.
Amrite hair care products.
Nayar launched Nykaa as a beauty e-commerce venture in 2012 and quickly expanded into an omnichannel retailer.
Nykaa’s gross merchandise value for the quarter ending June 2024 now stands at Rs 33.21 billion or $394.96 million, up 25% year-on-year.
“As a founder, it was very important to me to support the next generation of founders who will continue to shape the beauty, fashion and technology sectors in India,” Nayyar said, adding, “The mass consumption of beauty in India, ” and significant momentum and growth in the beauty category.
What will the winner do next?
They will receive financial support with a pool size of approximately $500,000, as well as access to distribution channels, mentorship, and research and innovation resources.
