Omnichannel consumer technology company Nykaa has entered into an agreement with the Apparel Group of the Middle East to leverage the company’s retail infrastructure to penetrate its product offering in the United Arab Emirates, Kingdom of Saudi Arabia (KSA), Qatar, Oman, and Kuwait. and Bahrain.
The board of directors of FSN E-commerce Ventures, which operates Nykaa, on Thursday approved the purchase of shares with the shareholder’s agreement of FSN International, a wholly owned subsidiary of the company, with Apparel Group to implement an omnichannel,
multi-brand cosmetics retail business. conducting business in countries that are part of the Gulf Cooperation Council (GCC). This will be through an entity that will be incorporated into Abu Dhabi Global Market, in which FSN International will hold a 55% stake and the remaining 45% will be held by the Apparel Group.
Apparel Group, founded by Sima Ved in 1996, is one of the largest omnichannel retailers in the Middle East based out of the UAE. It is home to more than 75 lifestyle and beauty brands with more than 2,000 stores in 14 countries.
Falguni Nayar, Founder and CEO of, Nykaa said, “Encouraged and encouraged by the love and trust of consumers in India, we now look forward to re-creating our unique beauty retail value proposition internationally, starting in the GCC, with the Apparel Group. Similar to our own story, the Apparel Group has written its success in the GCC through an acute sense of consumer needs and a strong offline retail foundation that includes robust local partnerships, distribution centers, and supply chain, models. With this alliance, we are confident of growing the GCC beauty market and bringing the best of both brands to a new world of consumers.”