India’s largest beauty retailer FSN E-Commerce Ventures, better known as Nykaa, has entered the global stage with the launch of Kay Beauty in the United Kingdom. The brand, co-created with actor Katrina Kaif, made its debut on Thursday across 13 outlets of Space NK, the Ulta Beauty-owned retail chain, and on its online store.
Adwaita Nayar, co-founder and executive director of FSN, confirmed in an interview that the company is studying opportunities in the United States, Middle East and Asia as part of its international rollout. The move places Nykaa in direct competition with global giants L’Oréal SA and Estée Lauder Cos Inc. in one of the most competitive cosmetics markets. Kay Beauty’s portfolio in the UK will blend everyday-use products designed for a wide range of skin tones with niche offerings such as kohl, a staple for South Asian consumers.
The expansion builds on Nykaa’s earlier steps abroad. Last year, it opened its first store in Dubai in partnership with UAE-based Apparel Group, followed by subsidiaries in Qatar and Oman. Founder and CEO Falguni Nayar had earlier underlined that international expansion is central to the company’s strategy.
At home, Nykaa has continued to report strong growth. In the June quarter, the company posted a consolidated net profit of ₹24 crore, a 79 percent increase from the ₹14 crore recorded a year earlier. Revenue from operations rose 23 percent year-on-year to ₹2,155 crore. Shares of FSN are up nearly 40 percent in 2025, compared to a 4 percent gain in the benchmark Nifty 50 index.
The domestic beauty and personal care sector is forecast to reach 34 billion dollars by 2028, up from 21 billion dollars in 2023, according to a Redseer Strategy Consultants report. FSN has set a target to nearly triple gross merchandise value of its in-house brands to ₹60 billion by March 2030 from ₹21 billion in FY24.
