The alliance will create an omni-channel multi retail brand in the Middle East with the Indian venture holding 55 percent stake in the new entity and Apparel Group the remaining 45 percent stake
Indian beauty and cosmetics startup unicorn Nykaa, which made history in the Indian stock market a year ago, attracting $32.55 billion in a massively oversubscribed initial public offering (IPO), is making its next big move – foraying into the GCC market in its first global market expansion. The Nykaa offering was 82 times oversubscribed.
In October 2022, Indian beauty e-commerce giant Nykaa entered into a strategic joint venture with Dubai-based Apparel Group to expand its presence in the Gulf Cooperation Council (GCC) region. This partnership led to the creation of Nysaa, a beauty retail brand combining Nykaa’s expertise with Apparel Group’s extensive retail network. citeturn0search6
Key Highlights of the Nysaa Initiative:
- Store Launch: In March 2024, Nysaa inaugurated its first GCC store at City Centre Mirdif in Dubai, offering a curated selection of international beauty brands. citeturn0search5
- Expansion Plans: The joint venture aims to open over 100 Nysaa stores across the GCC by 2028, with plans to establish 70 stores within the first five years. citeturn0search9
- Investment Commitment: Nykaa has committed substantial investments to support Nysaa’s growth, including a $2.5 million infusion approved in February 2024 and an additional $1.9 million invested through its subsidiary, Nessa International Holdings. citeturn0search3
Leadership Behind Nysaa:
- Falguni Nayar: As Nykaa’s Executive Chairperson, Founder, and CEO, Falguni Nayar brings extensive experience in the beauty retail sector, driving the company’s strategic vision. citeturn0search3
- Sima Ganwani Ved: Founder and Chairwoman of Apparel Group, Sima Ved has been instrumental in expanding the group’s retail footprint across the GCC and beyond. citeturn0search11
