Swedish fashion brand H&M has teamed up with Indian fashion platform Nykaa to retail its beauty and fashion range in an attempt to reach Nykaa’s 45-million-strong customer base. In a conversation with Sugandha Mukherjee, Helena Kuylenstierna, director, H&M India, and Adwaita Nayar, co-founder & executive director, Nykaa, explain why the partnership makes sense and what it means for Indian consumers. Edited excerpts:
H&M and Nykaa have both partnered with other brands over the years. For Nykaa it’s the first major apparel brand with a global connect. What do you gain from each other?
Kuylenstierna: This is the kind of gift we wanted to give to our fantastic audience, to launch H&M Beauty in India. And if you want to be in the beauty field, who do you call? You call Nykaa. I’ve always had the utmost respect for what they’ve built. We also share a common love for fashion. India is such an incredibly interesting market right now. We share the belief that fashion and beauty are complementary, not competitive. We’re also united by a bigger purpose of empowering young women in India to express themselves through style. Both our companies were founded by families that are still deeply involved, and that brings a shared set of values and a long-term view of serving the customer.
Nayar: We are absolutely thrilled to partner with H&M. Our motivation has always been to bring the world’s best brands to Indian consumers, who have a big appetite, and who better than H&M? It’s a brand our customers have been asking for a long time, so we’re really excited to finally bring it to our 45-million customer base.
Our fashion business is younger, just about five years old, but we’ve already onboarded several international brands, of which H&M is a crown jewel for us. International brands remain a big priority because we’re seeing that this segment of merchandise is growing at more than double the rate of our overall platform.
What is the core audience you hope to reach through this partnership? And can H&M’s price points appeal to Indian tier-2 and tier-3 cities?
Kuylenstierna: Honestly, we don’t think in tiers. We think in terms of fashion aspirants, people who love style and want to express themselves through it. Our physical stores may be concentrated in metros, but with H&M.com and Nykaa’s network, we’re unlocking so many new zip codes. We want fashion to be accessible wherever there’s interest. As for affordability, I think Indian consumers are very value-conscious, but also very quality-conscious. They know craftsmanship and expect good value for the price they pay.
Nayar: Around 60% of Nykaa’s business comes from tier-2 and beyond, and yet the kind of brands and price points customers choose are remarkably similar to tier-1 cities. I think one of the first roles I had at Nykaa was to open our physical stores, and today we have 250 stores across the country. I was amazed by how fashion-forward customers were even in smaller cities. The idea that only metro consumers care about global trends is a myth. Consumption has evolved dramatically — the average annual spend per customer is now 8.5 times higher than in 2014. Back in 2014, our top products were kajal and lipsticks. Now, we’re seeing sunscreens, mascaras and serums. It’s an insane transformation. India is at a unique inflection point for beauty and fashion, and the appetite for global brands is enormous. I don’t think there’s another economy that is at such a unique junction of exploding consumer interest.
H&M Beauty is entering an overcrowded market. How will it carve out an identity amid so many local and international players on Nykaa?
Kuylenstierna: I see the Indian beauty market not as crowded, but vibrant and full of appetite. It’s one of the fastest-growing markets in the world. Yes, there’s strong competition, but there’s also room for everyone, especially when the demand is growing so quickly. For us, this launch builds on the love Indian consumers already have for H&M. Beauty feels like a natural extension of our lifestyle offering, after H&M Home and H&M Move. We’re confident we have a great product, strong brand equity, and a loyal audience ready for it.
How much of H&M’s manufacturing is currently local, and how do you plan to scale it up?
Kuylenstierna: India is already one of H&M’s key manufacturing markets globally. We work with around 170 suppliers here. A significant part of the new beauty line is made in India, and we’re constantly looking to expand that. India is also a leader in sustainable production, which aligns strongly with our long-term goals.
India’s beauty and personal care market is nearing $20 billion and growing rapidly. How do you see the future of accessible global fashion and beauty in India’s digital-first landscape?
Nayar: The growth ahead is phenomenal. Indian e-commerce is expected to triple, from about $60 billion now to $180 billion by FY30. Beauty and personal care online are set to grow from $5 billion to $15 billion, and fashion from $20 billion to $60 billion. It’s a once-in-a-generation consumption boom, and there’s room for everyone. Global brands like H&M are perfectly positioned to benefit from this surge in value-driven, trend-conscious consumption.
Quick commerce has changed the pace of online retail. How is Nykaa placed here?
Nayar: Quick commerce is useful for products that are for immediate or impulse-led need, and for that we have launched Nykaa Now, a segment focused more on personal care. It’s live in seven Indian cities with over 50 rapid stores, and we are delivering between 30 minutes and 2 hours. But no matter which way you cut it, India or abroad, customers are demanding quicker delivery. It might not be 10 minutes but people are demanding same day or next day delivery. We’ve had a huge improvement of delivering within one or two days, but there’s a need to get much faster, and we are working towards this.
However, we are not seeing any dent due to quick commerce in our business, which continues to grow around 25% quarter-on-quarter, for the past six-eight quarters.
Does Nykaa have any plans for physical stores outside India?
Nayar: Our next big step outside India is currently focused on the Middle-East, where we’ve launched a joint venture and a new multi-brand beauty format called Nysaa.
H&M has over 65 stores in India, and Nykaa runs about 250. Can we expect deeper integration of the two brands and offline collaborations even in the future?
Kuylenstierna: Right now, our focus is entirely on making this launch a success. But we’re very open to exploring future integrations once we’ve built on this foundation.
H&M’s festive 2025 collection features metallics and statement partywear. How does that align with Indian aesthetics, which often lean toward bright colours and traditional styles?
Kuylenstierna: What’s impressed me most about India is the universal love for fashion transcending geography. We always aim for a mix: global fashion that feels aspirational but still relevant to local tastes. We’ve done that successfully before with collaborations with Sabyasachi and Anamika Khanna and we’ll continue blending global and local sensibilities. India’s love for colour, texture, and celebration is something we want to honour and play with in future collections.
