Mumbai, India – Nykaa, an omnichannel consumer-tech company, on Friday entered into a strategic alliance with the Middle East’s Apparel Group, a fashion and lifestyle retail conglomerate headquartered in the United Arab Emirates (UAE).
Nykaa will leverage the Apparel Group’s retail infrastructure network and deep market relationships to build distinctive Gulf Cooperation Council (GCC) focused beauty offerings in the UAE, Kingdom of Saudi Arabia (KSA), Qatar, Oman, Kuwait and Bahrain.
Founded by Falguni Nayar in 2012, Nykaa disrupted the Indian beauty market with its content to commerce expertise, to create elevated shopping experiences for Indian consumers, both online and offline.
Nykaa, featured in the list of 2022 TIME100 most influential companies, has 112 retail stores catering to nearly 28,000 pincodes and offering 4500+ brands across platforms.
Founded by Sima Ganwani Ved in 1996, the Apparel Group is one of the largest omnichannel retailers in the Middle East based out of the UAE. It is home to more than 78 lifestyle and beauty brands with over 2,010 stores in 14 countries. The Group brings over two decades of deep understanding of retailing in the GCC.
As per a Red Seer report, KSA and the UAE, two of the region’s biggest beauty and personal care markets, were sized at $17.1bn and $6.6bn respectively in 2021 and are projected to grow at a CAGR of 7 percent and 9 percent respectively over the next 3 years.
