Nykaa ties up in a joint initiative with the Dubai based Apparel Group for expansion into the Gulf markets.
The Indian beauty and lifestyle retailer Nykaa has entered into a Joint Venture with the Dubai based Apparel Group, a global fashion and lifestyle conglomerate to expand its reach in the Gulf countries.
The brainchild of Falguni Nayar, “Nykaa” is already a leading beauty and fashion retailer in India and has been bringing global brands to Indian customers through its presence in the global market.
Nykaa comprises more than 4500 brands and a network of 112 retail stores. The company has a market capitalization of $7.4 billion. The company reported a revenue of Rs 1,148.4 crore, up 40.6% over last year in the quarter that ended June 30, 2021. Its net profit grew by 32.4% to Rs 4.5 crore in the quarter.
The Apparel Group operates a network of over 75 brands including Sketchers, Tim Horton, and many others across 14 countries. The company has a network of over 2000 retail stores in the Gulf region.
The FSN E-commerce Ventures Ltd which runs NYKAA, will now hold 55% of the shares while the remaining will be held by the Apparel Group.
As decided by both partners, they will form a separate entity that will sell its products in the GCC region. The alliance aims to make its reach with the people and also to tap the market opportunity for growth.
The Alliance will also enable the Apparel Group India to extend its brands in cities like Kochi, Trivandrum, Ludhiana, Amritsar, Vadodara, and Indore.
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