Nykaa forays into Gulf; forms association with Middle East’s Apparel Group

• ByStartupStory     |    October 7, 2022

With the Dubai-based fashion and lifestyle retail company, Apparel Group, Indian cosmetics and fashion store Nykaa have formed an association. The partnership between Nykaa and Apparel Group, according to the businesses, was created to grow operations in the Gulf nations.

Falguni Nayar, chief executive of Nykaa, stated that the two businesses will work together to develop a multi-brand beauty retail business in the Gulf Cooperation Council nations of the United Arab Emirates, the Sultanate of Oman, the Kingdom of Bahrain, the State of Kuwait, and the Sultanate of Oman (UAE).

According to Falguni Nayar, Apparel Group would own the remaining 45% of the company, leaving Nykaa with a share of 55%. The financial terms of the agreement, however, were not made public by the parties. The headquarters of Apparel Group is in the United Arab Emirates (UAE).

The Indian retailer anticipates greater demand for its goods in the upcoming quarter following a season with weak consumer spending due to inflationary pressures. The end-of-the-year festival season will increase consumer demand for health, personal care, and beauty items, which Nykaa claimed was already beginning to show signs of recovery.

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