The world’s most populous country, India is among the most culturally diverse countries in the world. With more than 40 percent of India’s population under the age of 25, a new generation of entrepreneurs and creators are building brands with purpose and innovation within the Indian beauty and personal care industry, which Euromonitor cites as a $16.5 billion market in 2023. The Estée Lauder Company’s New Incubation Ventures (NIV) brought together the next generation of beauty entrepreneurs and creative talent in partnership with the Indian beauty retailer and industry disruptor Nykka for their second annual BEAUTY&YOU India Awards programme.
As Shana Randhava, senior vice president of NIV The Estée Lauder Companies (ELC), shared in her opening remarks at the event: “The 2023 BEAUTY&YOU Awards were designed to expand the scope, scale, and definition of beauty across all aspects of the ecosystem and the entire world — from innovative founders to R&D experts, creative photographers, film makers and experiential artists.”
NIV is ELC’s early stage investing, venture capital and incubation arm, created in 2021 to identify and catalyse the next generation of prestige beauty brands globally. NIV’s mission is to shape the future of ELC’s strategy in emerging growth areas, including new categories, regions, consumer segments, platforms and business models. NIV has closed eight investments since it was established in 2021.
The awards are split across six categories, with four main awards: Imagine, aimed at pre-launch and pre-revenue founders; Grow, focused on revenue generating companies with at least one point of sale; Breakthrough, for applicants from research and development (R&D) and active ingredient expertise; and Create, the category for creatives including photographers, makeup artists, hair stylists, directors and artists. Imagine, Grow, Breakthrough and Create were deliberated on by the prestigious jury of 14 judges on the day of the awards, while…
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