Partnership Overview

Nykaa, India's largest beauty retail company, and BOLD (Business Opportunities for L'Oréal Development), the corporate venture capital fund of L'Oréal, announced a collaboration to jointly invest in the next generation of high-growth Indian beauty and personal care brands. The partnership was formally announced on September 24, 2026.

Investment Structure and Terms

  • The collaboration involves taking minority stakes in emerging Indian beauty and wellness brands
  • Investments will be purely financial and minority in nature
  • Founders retain full ownership control and continue to run their businesses independently
  • Founders maintain their own teams, culture, and creative direction
  • BOLD and Nykaa will act as long-term partners beyond capital

Strategic Support and Value Proposition

The partnership combines:

  • L'Oréal's global beauty expertise
  • Nykaa's deep omnichannel retail network
  • Nykaa's consumer ecosystem understanding
  • Strategic mentorship and guidance for portfolio brands
  • Opportunity for brands to benefit from global beauty expertise and local market insights

The intent is to help ambitious Indian beauty founders scale faster and build enduring brands for India and global markets.

Leadership Commentary

Jacques Lebel, Managing Director, L'Oréal India: "India is one of the most exciting beauty markets in the world, and its energy comes both from an expanding base of demanding consumers with rapidly evolving needs and from its ecosystem of tremendous entrepreneurs. Through BOLD and this partnership with Nykaa, we want to stand behind that talent — backing founders with capital, mentorship, and L'Oréal's beauty expertise, while leaving them free to build their brands their way."

Anchit Nayar, Executive Director and CEO, Nykaa Beauty: "Nykaa and L'Oreal have been partners in India for over a decade, working together on our shared vision of making India into one of the world's largest and fastest growing beauty markets. The experience and lessons we have learned along the way have allowed us to understand what it takes to build a promising brand into an enduring one."

About BOLD Fund

  • Launched in 2018 as the corporate venture capital fund of L'Oréal
  • Invests across the entire beauty value chain by taking minority stakes in innovative, high-growth start-ups
  • Two investment verticals: Beauty and Wellness Brands, and Science and Tech for beauty
  • Offers portfolio companies access to L'Oréal's beauty expertise, global network and dedicated mentoring
  • Preserves independence of portfolio companies

Company Background Context

Nykaa Business Overview:

  • Serves over 60 million customers (as of 30 June 2026)
  • Operates 324 offline beauty destinations (as of 30 June 2026)
  • Expanded offerings to include fashion and B2B through platforms: Nykaa Fashion, Nykaa Man, and Nykaa Superstore
  • Expanded into Middle East through omnichannel beauty offering 'Nysaa'
  • House of brands includes: Nykaa Cosmetics, Dot & Key, Kay Beauty, Nykaa Collections, Nykaa Wanderlust, Nykaa Perfumes, Earth Rhythm
  • Fashion labels include: Nykd by Nykaa, KICA, 20 Dresses, RSVP, and Gajra Gang

L'Oréal Business Overview:

  • World's leading beauty player with over 115 years of operation
  • Portfolio of 40 international brands
  • Generated sales of 44.05 billion euros in 2025
  • 22 research centers across 7 regional hubs worldwide
  • Research and Innovation team of over 4,000 scientists
  • More than 8,000 Digital, Tech and Data talents
  • More than 95,000 employees globally
  • Named most innovative company in Europe by Fortune magazine in 2025

Disclaimer Notes

The press release contains standard disclaimers noting that it does not constitute an offer of sale or solicitation of an offer to purchase L'Oréal shares, and may contain forecast information subject to risks and uncertainties.