Business

Nykaa partners with Apparel for Gulf development


MUMBAI: Multi-channel consumer technology company, Nykaa entered into an agreement with clothing group afterward Middle Eastto leverage the future’s network of retail infrastructure to disrupt its product offerings in UAEKingdom of Saudi Arabia (KSA), Qatar, Oman, Kuwait and Bahrain.
The board of directors of FSN E-commerce Ventures, which operates Nykaa, on Thursday approved an agreement to acquire shares and shareholders of FSN International, a wholly owned subsidiary of the company, with Apparel Group, to run a multi-channel, multi-brand beauty retail store. doing business in countries that are members of the Gulf Cooperation Council (GCC). This will be through an entity incorporated within the Abu Dhabi Global Market, in which FSN International will hold 55% of the shares and the remaining 45% will be held by Apparel Group.
Was founded by Sima Ved in 1996, Apparel Group was one of the largest omnichannel retailers in the Middle East based outside the UAE. It is home to more than 75 lifestyle and beauty brands with more than 2,000 stores in 14 countries.
According to a report by Red Seer, KSA & UAE, two of the largest beauty and personal care markets in the region, are expected to be $17.1 billion and $6.6 billion in size by 2021 and is expected to grow at a CAGR of 7% and 9.% respectively over the next 3 years.
Falguni Nayar, Founder and CEO, Nykaa, said, “Encouraged and encouraged by the love and trust of consumers in India, we are now looking forward to reinventing the proposition. our differentiated beauty retail value internationally, starting with GCC, with Apparel Group. Like our own story, Apparel Group has written their success in GCC thanks to a clear awareness of consumer needs and a solid offline retail platform that includes local partnerships powerful means, fulfillment centers and supply chain models. Through this alliance, we confidently grow the GCC beauty market and bring the best of both brands to a new world of consumers. ”
Sima Ved, founder and president, Apparel Group, said, “Our omnichannel approach, including the first Phygital store in the GCC region, has made us the partner of choice for us. lots of brands. This alliance will be a new chapter in our expanding journey as we look forward to leveraging each other’s strengths and providing a unique value proposition to our consumers in the GCC region. ”
In India, Nykaa has 112 retail stores (as of June 30, 2022), serves nearly 28,000 pin codes and offers over 4500 brands across platforms.

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