Cosmetics and fashion retailer Nykaa has announced its strategic alliance with the UAE-based Apparel Group to expand in Gulf countries... 


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Cosmetics and fashion retailer Nykaa has announced its strategic alliance with the UAE-based Apparel Group to expand in Gulf countries. 

The Apparel Group is a global lifestyle and fashion retail conglomerate based in Dubai, UAE. The company has a strong presence in India, South Africa, Indonesia, Singapore, Thailand, and Malaysia with plans to enter emerging markets like Hungary, Egypt, and the Philippines. The company reportedly operates 1,900+ retail stores, and 75+ brands and employs over 16,500 people. 

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With the help of this alliance, Nykaa expects to grow in a region where it sees a high demand for beauty products. Nykaa will be leveraging the robust retail network and deep market relations of the Apparel Group to build distinct GCC-focused beauty offerings. 

According to the deal, both entities would build a multi-brand retail business, set to be incorporated in Abu Dhabi, in Gulf Cooperation Council countries (which include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE) in which Nykaa would hold 55% while the Apparel Group would be holding the rest. The financial details of the agreement have not been disclosed. 

"We look forward to recreating our distinct beauty retail value proposition internationally, beginning with the GCC, with the Apparel Group. Through this alliance, we are confident of growing the GCC beauty market and bringing the best of both brands to a new world of consumers," Falguni Nayar, Founder, and CEO of Nykaa said.

The stock of FSN E-Commerce, the parent company of Nykaa, closed at Rs 1,284.30 per share on Friday. 

Article by Aman Agarwal.

This news piece is brought to you in association with jobaaj.com

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