Dec 19, 2023 12:40 AM EST
Kylie Cosmetics are displayed at Ulta beauty on November 18, 2019 in New York City. Kylie Cosmetics has sold a controlling stake to Coty Inc for a reported $600 Million.
Coty is planning to expand its Prestige and Consumer Beauty business segments in India.
The expansion includes employing a new team, building a new office in the region, as well as establishing a partnership agreement with House of Beauty, a distribution and marketing company that sells a wide selection of beauty products.
For this move, the multinational beauty company appointed Rizwan Mulla as the business development director who will oversee the expansion in India. Mulla has over 25 years of experience in business development, operational management, and marketing.
“Over the past five years, we have witnessed the meteoric rise of Prestige Beauty in India and today it represents one of the key long-term growth opportunities in Asia for Coty,” Coty Southeast Asia and India’s managing director Kristina Strunz said in a press release.
“The strategic investment in Coty’s operations in India underlines the company’s ambition to solidify our already strong presence in the sizeable Indian beauty market. We are excited to welcome Rizwan and the team as we gear up to accelerate growth across the luxury and everyday beauty segments in this dynamic and exciting market,” she added.
The decision came amid India’s growing market for prestige beauty. In 2023, the revenue in the region’s Prestige Cosmetics segment reached a total of $1.09 billion, according to Statista.
Currently, Coty retails premium and consumer brands in India, including Gucci Beauty, Burberry Beauty, Hugo Boss, Calvin Klein, Davidoff fragrances, Rimmel, MaxFactor, and Adidas. This business arm reported a 65% rise in the 2023 financial year and anticipates its growth trajectory to continue.
Meanwhile, part of Coty’s agreement with House of Beauty at Quest Retail is to launch Kylie Cosmetics in the country.
“We are delighted to complete this partnership between Coty and our Group company, House of Beauty, to add Kylie Cosmetics to our exciting beauty portfolio,” Quest Retail – House of Beauty’s group CEO Shriti Malhotra stated.
The CEO added, “There is growing demand across India for quality make-up, best-in-class innovation and immersive marketing activations from international beauty lifestyle brands. Together with Coty, we look forward to strengthening our national portfolio and footprint and hope to accelerate the rise of premium beauty in South Asia by making Kylie Cosmetics shine in India.”