Beauty announced on the 14th that it has signed a strategic business agreement (MOU) with Indian beauty distribution platform Nykaa.
Founded in 2012, Nykaa has over 60 million monthly online visitors and operates over 100 offline stores across India. It also operates Nykaa Luxe stores, which specialize in premium beauty brands, and has established itself as a major distribution channel in the beauty industry in India.
Through this agreement, Beauty will begin to fully launch promising beauty and lifestyle brands from Northeast Asia, including Korea, into the Indian market. It will sequentially introduce brands through Naika’s online mall and offline stores, and will target the premium beauty market, especially with skincare and makeup products, which are representative of K-beauty.
Recently, interest in East Asian beauty trends such as K-beauty has been increasing in India, especially among young female consumers. According to the '2024 India Beauty Trend Report' jointly released by global market research firm Redseer and Naika, the Indian beauty and personal care (BPC) market is expected to grow to about KRW 47 trillion (about 27 billion rupees) by 2028. In particular, the premium beauty sector is expected to grow at an average annual rate of 21-22%.
In fact, leading domestic brands such as Sulwhasoo and Etude have achieved positive results since entering the Indian market through Naika, and Northeast Asian brands that emphasize natural ingredients and highly functional products are also gradually expanding their presence in the local market.
“We expect that innovative and unique brands from Northeast Asia, including K-beauty, will be able to secure new growth opportunities in India,” said a Beauty Corporation official. “We plan to support the entire process from brand discovery to establishing local entry strategies and launching within the Naika channel to help them successfully establish themselves in the Indian market.”
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