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Beauty and personal care marketplace Nykaa has set up a subsidiary in Oman to strengthen its presence in the Gulf Cooperation Council region.
The newly formed company, Nysaa Cosmetics SPC, is a sole proprietorship that is fully owned by Nessa International. Nessa International Holdings Limited is a subsidiary of FSN International Limited, which is, in turn, wholly owned by Nykaa. Through this structure, Nykaa will hold a 55% indirect stake in Nysaa Cosmetics SPC.
Business focus and share capital
Nysaa Cosmetics SPC has a share capital of 30,000 Omani rials (or Rs 6 lakh), according to Nykaa’s filing with the stock exchanges.
The new entity will focus on international and domestic sales, trade and retail of beauty and personal care products, including cosmetics, perfumes, and hair care items. It is a newly incorporated firm that has not yet commenced business operations.
Previous expansions in GCC
The decision to establish Nysaa Cosmetics SPC comes after Nykaa’s earlier move to incorporate Nysaa Distribution FZE in Dubai in November 2024 through Nessa International.
In July 2024, the company also formed a new unit in Qatar called Nysaa Cosmetics Trading. Nykaa has said its international business, which includes Nessa International, grew significantly in the second quarter, although on a smaller base.
Growth strategy
Nykaa has been expanding beyond India to tap into the rising demand for beauty and personal care products in the GCC. The company believes that establishing local units in multiple Gulf countries will help it boost revenues and grow its international footprint.
While Nysaa Cosmetics SPC’s financial performance is not yet available, Nykaa expects these overseas ventures to contribute meaningfully in the near future.
Nykaa is one of India’s leading online beauty and personal care retailers and has steadily expanded its presence in brick-and-mortar stores. It made its stock market debut in 2021.