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Beauty&You is a program to discover, spotlight, and propel the next generation of Indian beauty brands and to support India-focused companies and entrepreneurs.
The program has been launched by The Estee Lauder Companies (ELC) and NYKAA, one of India's leading omnichannel beauty and lifestyle retailers. Through a competitive application process, awards to both pre-launch and in-market premium beauty concepts will be announced in November 2022.
It aims to assist founders, innovators, and creators in holistically growing their businesses by identifying brand goals, achieving scale ambitions, and curating product portfolios that speak to a new generation of Indian consumers.
Access to ELC and NYKAA relationships and expertise across the beauty ecosystem will be provided to award recipients in order to nurture emerging ideas that amplify Indian voices and address unmet needs in the categories of skin care, makeup, hair care, and fragrance.
Beauty&You India will provide award winners with, among other things, the following resources:
Masterclasses: An insider's view of what it takes to build iconic,sustainable beauty brands from leading global experts.
Financial Support: Total prize pool up to INR 4 Cr (approximately $500,000 USD) across the program for the most innovative, inspiring, and breakthrough ideas.
Mentorship: Access to experts from across the beauty landscape-product and content development, brand building, finance, operations, and supply chain.
Awareness: Winners will garner national and international press-offering a myriad of opportunities on the world stage plus amplification of the ELC and NYKAA platforms.
Distribution Support: Valuable guidance on how to scale and reach consumers at a local and global level with the opportunity to access NYKAA's expansive omnichannel reach, placing the brands on the road to long term success.
In addition to the benefits listed above, successful applicants may establish a long-term relationship with ELC's New Incubation Ventures and NYKAA. The India programme will be led by Shana Randhava, Vice President, ELC New Incubation Ventures, and Anchit Nayar, CEO of Beauty for NYKAA e-Commerce.
A panel of eminent entrepreneurs, industry experts, and thought leaders from the worlds of beauty, fashion, media, and technology will assist Shana and Anchit with the judging process.
Katrina Kaif, Superstar and Founder of Kay Beauty, Sabyasachi Mukherjee, Founder & CEO, Sabyasachi, and Samarth Bedi, Executive Director of Forest Essentials are among the industry experts who have committed their time and expertise to the programme as custodians of successful, homegrown Indian brands that have earned tremendous global appeal.
The programme reflects ELC and NYKAA's shared commitment to positively impacting the entire beauty ecosystem, as well as their shared desire to fuel the growth of the Indian premium beauty segment by meeting consumers' evolving needs and preferences by delivering breakthrough and locally relevant products, experiences, and business models.
"With its incredibly vibrant economy and cutting-edge startup community, India represents an exciting opportunity for beauty creators and innovators. Our vision is for Beauty&You is to harness the entrepreneurial energy in India to advance next-generation beauty brands by presenting opportunities that help put brands on a long-term, sustainable growth path," says Shana Randhava, Vice President, New Incubation Ventures, The Estee Lauder Companies. "The programme is inspired by the core values and collaborative culture that ELC and NYKAA share. We believe we have a responsibility to share our experiences with the next generation of founders and we hope Beauty&You India will be a catalyst for Indian entrepreneurs to fuel their passion, brand, and mission."
With his robust experience of building the unparalleled omnichannel beauty offering at NYKAA, Anchit Nayar, CEO of Beauty for NYKAA e-Commerce, is committed to providing access for companies and founders to market and scale their businesses. "NYKAA's emergence as a leading consumer technology platform over the past several years is an outcome of an incredibly vibrant digital India that has spurred innovation and created an entrepreneurial ecosystem that is best in class globally.
"Now it is a chance for us to give back to the ecosystem by fostering the next generation of entrepreneurs in the beauty and lifestyle verticals. Beauty&You India is an opportunity for us to identify and nurture talented founders to build truly unique consumer brands for the Indian consumer, and potentially for the world."
The BEAUTY&YOU website went live on July 21 at 9:00 am IST. The application portal opens on August 1, and will accept applications until 11.59 p.m. IST on September 30.
Source - IANS
