FSN E-Commerce Ventures (Nykaa) has received board’s approval to sign an agreement with the Middle East’s Apparel Group, a global fashion and lifestyle retail conglomerate headquartered in the United Arab Emirates (UAE). Bringing its proven multi-brand beauty retail expertise to this alliance, Nykaa will leverage the Apparel Group’s robust 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.
As these two retail powerhouses come together to harness each other’s strengths, the GCC can expect a seamless, world-class beauty shopping experience that is both highly curated and discovery led. Poised for accelerated growth, especially in the beauty and personal care category, the GCC presents a large opportunity for Nykaa to extend its highly focused value offering and drive the region’s offline and online retail growth story with the Apparel Group. As per a Red Seer report, KSA & the UAE, two of the region’s biggest beauty and personal care markets, were sized at 17.1bn USD and 6.6bn USD respectively in 2021 and are projected to grow at a CAGR of 7% and 9% respectively over the next 3 years.
Founded by Sima 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 75 lifestyle and beauty brands with over 2,000 stores in 14 countries. The Group brings over two decades of deep understanding of retailing in the GCC, having steadily kept their finger on the pulse of evolving consumer trends.
FSN E-Commerce Ventures (Nykaa) is a digitally native consumer technology platform, delivering a content-led, lifestyle retail experience to consumers. The company has a diverse portfolio of beauty, personal care and fashion products, including its owned brand products manufactured by it.
| Company Name | CMP |
|---|---|
| Zomato | 276.40 |
| FSN E-Commerce | 165.95 |
| Swiggy | 580.60 |
| Brainbees Solutions | 615.75 |
| Indiamart Intermesh | 2257.00 |
| View more.. | |
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