Business

Nykaa forges alliance with Dubai’s Apparel Group to expand in Gulf countries

Indian cosmetics and fashion retailer Nykaa has signed an alliance with Dubai-based fashion and lifestyle retail conglomerate, Apparel Group. The companies said that the alliance between Nykaa and Apparel Group has been forged to expand businesses in the Gulf countries.

Nykaa Chief Executive Falguni Nayar said the two companies will together build a multi-brand beauty retail business in Gulf Cooperation Council countries namely the Kingdom of Bahrain, State of Kuwait, Sultanate of Oman, State of Qatar, Kingdom of Saudi Arabia and the United Arab Emirates (UAE).

While Nykaa will hold a 55 per cent stake in the entity, Apparel Group will hold the rest of the 45 per cent, Falguni Nayar said.

The companies, however, did not disclose the financial details of the agreement. Apparel Group is headquartered in the United Arab Emirates (UAE).

The Indian retailer expects stronger demand for its products in the current quarter after a subdued season where inflationary pressures dented consumer spending.

The upcoming festival season, which extends to the end of the year, would further boost consumer demand for beauty, personal care and wellness products, that Nykaa said was already showing early signs of recovery.

(With agency inputs)

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