Nykaa and L’Oréal BOLD to invest in emerging Indian beauty brands

MUMBAI: The beauty business is getting a fresh shot of capital, and this time the formula comes with a light touch. Nykaa and Business Opportunities for L’Oréal Development (BOLD), L’Oréal’s corporate venture capital fund, have announced a collaboration to jointly invest in the next generation of high-growth and emerging Indian beauty and personal care brands.

The partnership will involve acquiring minority stakes in selected brands, with both companies stressing that the investments will be purely financial. Founders will retain full ownership and continue to run their businesses independently.

The arrangement is aimed at backing emerging consumer brands with capital as well as access to expertise. Nykaa and L’Oréal said they will provide mentorship and guidance to help the brands scale faster, while leaving founders with operational control.

Jacques Lebel, Managing Director, L’Oréal India, said the partnership would support entrepreneurs in what he described as one of the world’s most dynamic beauty markets.

“Through BOLD and this partnership with Nykaa, we want to stand behind that talent — backing founders with capital, mentorship, and L’Oréal’s beauty expertise, while leaving them free to build their brands their way,” he said.

Lebel added that the initiative marks another step in L’Oréal’s presence in India, where the company has operated for more than three decades.

For Nykaa, the partnership brings together its consumer ecosystem, retail network and distribution capabilities with L’Oréal’s global beauty expertise.

Anchit Nayar, Executive Director and CEO, Nykaa Beauty, said the two companies have worked together in India for more than a decade and that the experience has given them an understanding of what it takes to turn a promising brand into an enduring one.

The collaboration comes as India’s beauty and personal care landscape continues to see new brands emerge across categories, with younger consumer businesses competing for attention alongside established players.

Under the new investment model, the focus will be on identifying brands with growth potential while giving their founders room to continue shaping their businesses.

For the entrepreneurs involved, the pitch is straightforward: more capital and access to two major beauty ecosystems, without handing over the steering wheel.