Nykaa and Estee Lauder Launch Incubation Programme

Nykaa, a publicly traded omnichannel retailer of beauty and personal care products, and Estee Lauder Companies Inc. (ELC) have introduced the Beauty&You India incubation programme for up-and-coming beauty brands in the nation.

Anchit Nayar, chief executive of beauty at Nykaa, told ET that the programme will award-winning companies with non-equity grants of up to $500,000 (Rs 4 crore). The programme, developed by ELC's New Incubation Ventures and introduced in collaboration with Nykaa, helps founders expand their companies by defining brand objectives, pursuing scale goals, and curating product portfolios.

According to Nayar, the winning company will be chosen after an application period that ends on September 30 and announced in November. Both pre-launch and in-market premium beauty companies with an emphasis on India are eligible to participate.

Nayar claims that the businesses intend to make this programme an annual offering, with a number of businesses chosen for mentoring and incubation. In addition to the $500,000 prize money, the programme will offer award winners masterclasses from eminent international experts, mentorship from experts in a variety of fields, including product and content development, brand building, finance, operations, and supply chain, as well as distribution support that includes access to Nykaa's extensive omnichannel reach.