India’s Leading Online Beauty Retailer Plans UK Expansion and Global Growth

Nykaa, India’s largest online beauty retailer under FSN E-Commerce Ventures, is stepping beyond its home turf with an ambitious global expansion plan. Having revolutionized India’s beauty retail industry with its first-mover advantage, the company is now aiming to challenge international cosmetics giants. With its UK debut of Kay Beauty, Nykaa marks a new chapter in its journey, targeting markets like the US, Middle East, and Asia in the coming years.

Nykaa’s Rise in India

Nykaa grew rapidly in India by capitalizing on the early-mover advantage in the online beauty retail segment. The company benefitted immensely from the rising purchasing power of middle-class and millennial buyers, alongside the widespread adoption of social media among Gen Z consumers.
The Indian beauty and personal care industry is projected to expand from $21 billion in 2023 to $34 billion by 2028, according to a report by Redseer Strategy Consultants and Nykaa. This strong domestic foundation has given Nykaa the confidence to extend its footprint internationally.

Kay Beauty Debuts in the UK

FSN E-Commerce Ventures is set to introduce Kay Beauty, its premium cosmetic line co-created with Bollywood star Katrina Kaif in 2019, to the UK market. The launch will take place in partnership with Ulta Beauty Inc-owned Space NK, spanning 13 physical stores and Space NK’s online platform.
The brand will offer a wide range of cosmetic products tailored for diverse skin tones, including standard makeup lines and specialty items such as kohl eyeliner, a staple in South Asian beauty traditions.

Challenges in the UK Market

Despite the growth potential, Kay Beauty faces stiff competition in the UK’s crowded cosmetics and skincare industry. Global leaders like L’Oréal and Estée Lauder already dominate the space, making it challenging for a new entrant to carve out significant shelf presence and brand recall.
Building brand awareness will be a key hurdle, but Nykaa hopes to leverage Kay Beauty’s Bollywood-backed identity and inclusive product range to attract both South Asian consumers and a wider international audience.

Middle East Expansion and Global Vision

The UK entry is part of a broader global strategy. FSN has already entered the Middle East by partnering with the UAE’s Apparel Group and opening a retail outlet in Dubai. The company has also set up subsidiaries in Qatar and Oman, strengthening its Gulf presence.
Going forward, Nykaa is exploring opportunities in the US and Asian markets, aiming to position itself as a strong challenger to established global beauty players.

Focus on Gen Z and Millennials

Nykaa’s growth strategy continues to revolve around Gen Z and millennial buyers, who drive digital consumption and value inclusive, socially-driven beauty trends. With increasing reliance on social media influencers and digital marketing campaigns, Nykaa plans to replicate its India playbook in new markets.

Strong Financial Growth

Nykaa’s in-house brands, including Kay Beauty, Nykaa Cosmetics, and Dot & Key, recorded a gross merchandise value (GMV) of ₹21 billion in FY2023–24. FSN aims to nearly triple this figure to ₹60 billion ($685 million) by 2030.
Shares of FSN E-Commerce Ventures have surged 40% in 2025, far outpacing the Nifty 50 Index’s 4% gain, signaling strong investor confidence.

Building for the Future

Beyond beauty, Nykaa is strengthening its fashion vertical and expanding into in-house lingerie lines, targeting India’s upcoming festive season for revenue growth.
The company is also striving to reach global profitability benchmarks, aiming for mid-teens to early-twenties margins, similar to the world’s top beauty players.

Conclusion

Nykaa’s overseas expansion with Kay Beauty in the UK marks a bold move to take on international cosmetic giants. By leveraging its strong domestic growth, Bollywood-backed branding, and Gen Z-driven strategies, the company aims to establish itself as a global beauty powerhouse. While challenges remain in brand recognition and competition abroad, Nykaa’s focused investments and strategic partnerships could make it one of India’s most successful global retail stories.