Cosmetics marketplace ‘s subsidiary Nessa International has incorporated a new unit in Qatar named ‘Nysaa Cosmetics Trading’ as part of its latest effort for GCC expansion.
Nysaa Cosmetics Trading will be engaged in trading in women’s cosmetics, toiletry and beauty and hair care products along with perfumes and beauty soaps.
Nykaa subscribed a share capital of Qatari Riyal 500,000 (Rs 1.14 crore) for the newly incorporated company, with Nessa International holding 100% shareholding of the new unit. Nykaa currently holds a 55% stake in Nessa International.
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During its annual results, FSN E-Commerce Ventures, the parent company behind Nykaa, said it is planning to ramp up its GCC expansion plans through an investment of Rs 20 crore in FSN International.
It also unveiled plans to make additional investments of $1.9 million through its international arm in Nyssa International, its Kuwait unit which was incorporated in June.
Nykaa, which faces stiff competition in domestic markets from Reliance’s Tira and Tata Cliq, has been looking towards international markets.
The Falguni Nayar-led beauty marketplace logged a 24% year-on-year (YoY) rise in revenue from operations to Rs 6,385 crore in FY24. The platform’s overall gross merchandise value (GMV) rose 28% YoY to Rs 12,446 crore in FY24.
Growth was led by strong demand for its beauty and personal care products, a formula the company plans to recreate in the Gulf region.
Edited by Jyoti Narayan
