India's massive potential in the luxury market goes far beyond fashion. The country is a hotspot for beauty, not just in the eyes of the world's most famous beauty brands but also for the country's budding luxury beauty narrative. According to Statista, revenue in the prestige cosmetics and fragrances segment amounts to $2.21 Billion in 2023 with an expected annual growth of 2.82% to reach $2.54 Billion by 2028. Brands like Charlotte Tilbury, Anastasia Beverly Hills and Pat McGrath among many more have entered the Indian market in the last five years. The latest to make a big and not-so-rare entry in India was Selena Gomez's beauty brand, Rare Beauty. With all the big guns present in the market, it is only about time till we welcome celebrity makeup brands too like Fenty Beauty, Kylie Cosmetics, Rhode and Lola to name a few. Watch this video to find out more.
According to Forbes, India is home to 169 Billionaires. Among them is Falguni Nayyar, founder of Nykaa, India's leading name in the beauty business. Nykaa, a success story, was one of the driving forces behind bringing brands like Huda Beauty to India. According to Financial Express, the company was valued at $2.3 Billion in 2021. Despite being a pioneer in the beauty field, Nykaa's competition has soared with Reliance's recent entry into the beauty market with Tira Beauty. Launched in October 2022, Tira Beauty set the wheels of a brand-new beauty revolution. The marketing team worked overtime to bring Kareena Kapoor, Kiara Advani and Suhana Khan on board as the brand's faces to give it a Bollywood touch with their latest digital campaigns. With many international premium brands in the company's pipeline, one can expect hassle-free access to their favourite international beauty products. No matter what the latest launches are, it will be a pleasant surprise for all beauty enthusiasts.
Back home though, Indian luxury beauty brands are giving their foreign counterparts a good run for their money particularly with Ayurvedic beauty in high demand in the premium beauty category. While Forest Essentials and Kama Ayurveda remain pioneers in the field, emerging brands such as Soul Tree and Deepika Padukone's 82*E have expanded to give more varied options to their consumers in the thinly populated Ayurvedic beauty diaspora.
Bollywood is a popular channel for all brands to reach their target customers for obvious reasons. So, we've seen recent brand ambassadors and associations like Malaika Arora for Anastasia Beverly Hills, Manushi Chhillar for Estee Lauder, Tara Sutaria for Bobbi Brown, Bhumi Pednekar for MAC Cosmetics, Triptii Dimri for Clinique and Athiya Shetty for Laneige. It won't be surprising to see many more new-age celebrities turn brand faces soon with the arrival of many more international beauty brands in the Indian market.
How will this impact your beauty product preferences? Let us know in the comments.