is pegging its next growth frontier on a new market—the Gulf Cooperation Council (GCC)—as it aims to expand its market beyond domestic borders. The Mumbai-headquartered company entered into a strategic partnership with Apparel Group, one of UAE’s largest retail conglomerates, it announced in October 2022. Titled Nysaa, the e-commerce website was launched in January this year, and the first physical retail store in Dubai was opened in March, marking Nykaa’s first international foray.
Through a mix of offline and online multi-brand retail, Nykaa is looking to set up a significant presence in the region by replicating its domestic omnichannel beauty playbook. “..
. We do believe that Nysaa could be significant business over time as there is a clear market opportunity," , said during the fourth-quarter analyst call on Wednesday. The e-commerce firm has plans to pump in sizeable capital into the venture as well.
In February, the FSN E-Commerce’s Board approved the of $2.5 million into Nysaa. The company announced on Wednesday that it will invest an additional $1.
9 million in the venture through its overseas subsidiary Nessa International Holdings. Nykaa follows the footsteps of many Indian brands that have ventured into the GCC region, aiming to capture a technology-driven and wealthy customer base. Also Read: Adventure gear maker Wildcraft India signed an agreement with Apparel Group on Wednesday to sell products in the GCC region.
Last year, Tata Group’s Titan said .
