Beauty, wellness and fashion firm Nykaa has partnered with Middle Eastern retailer Apparel Group to launch a new multi-brand retailer online and offline in the Gulf Cooperation Council (GCC) region which includes the Kingdom of Bahrain, State of Kuwait, Sultanate of Oman, State of Qatar, Kingdom of Saudi Arabia and the United Arab Emirates (UAE).
Through its company FSN International Private Limited, Nykaa will hold a 55 per cent stake in the new business, with Apparel Group owning the remaining 45 per cent.
Falguni Nayar, the founder and CEO of Nykaa, first stated that the investment wouldn’t be substantial. She remarked that it was too soon to discuss the initial investments made by both partners.
Apparel Group has more than 78 brands under its umbrella, across 14 countries. In India, the Apparel Group runs Aldo, Bath & Body Works, Beverly Hills Polo Club, Charles & Keith, Inglot, R&B, Victoria’s Secret and La Senza.
For now, the multi-brand retailer will initially operate in the beauty and personal care segment as Nayar believes Gulf nations have relatively high levels of consumption and beauty preference.