FSN E-Commerce Ventures Ltd., the parent company of Nykaa, has launched its Kay Beauty brand in the United Kingdom as part of its international expansion strategy, Bloomberg reported.
The Mumbai-based company introduced Kay Beauty on Thursday in partnership with Ulta Beauty Inc.-owned retailer Space NK, Co-Founder and Executive Director Adwaita Nayar said in an interview with Bloomberg. The brand will be available across 13 Space NK stores and its online platform. Kay Beauty was initially launched in India in 2019 through a collaboration with Bollywood actor Katrina Kaif.
Plans for broader global reach
According to Bloomberg, FSN is considering further entry into markets including the United States, the Middle East and selected Asian countries. The company has previously moved into the Middle East, opening a store in Dubai last year through a partnership with the UAE-based Apparel Group. It has also established subsidiaries in Qatar and Oman.
The UK offering will include standard cosmetics for different skin tones, along with products such as kohl, commonly used in South Asian markets, Bloomberg reported.
Market outlook and financial targets
Bloomberg noted that FSN faces strong competition in the UK market from established global cosmetics companies such as L’Oréal SA and Estée Lauder Cos. Inc. In India, where the company operates as Nykaa, the beauty and personal care sector is forecast to grow from $21 billion in 2023 to $34 billion by 2028, according to a report by Redseer Strategy Consultants cited by Bloomberg.
The company aims to increase the gross merchandise value of its in-house brands, including Kay Beauty, to Rs 60 billion ($685 million) by the year ending March 2030, from about Rs 21 billion in the year ended March 2024, Bloomberg reported. FSN shares have risen nearly 40% this year, compared with a 4% gain in India’s Nifty 50 Index.