Brands
Nykaa partners with Apparel Group to enter Gulf markets; sees it as a multi-year growth opportunity
Mumbai: Nykaa, the Indian fashion and cosmetics retailer, has tied up with the Middle East based fashion and lifestyle retail giant, Apparel Group. With this strategic alliance, the former aims to utilise the latter’s robust retail infrastructure network and deep market relationships to recreate its beauty retail platform and build distinctive Gulf Cooperation Council (GCC) focused beauty offerings in UAE, Kingdom of Saudi Arabia (KSA), Qatar, Oman, Kuwait and Bahrain.
The joint venture will create an omnichannel, multi-retail brand for the Middle East with Nykaa holding a 55 per cent stake in the new entity and the remaining 45 per cent will be owned by Apparel Group.
As per reports, Nykaa CEO Falguni Nayyar believes that the per capita consumption of beauty is very high in the GCC region, and the company views it as a multi-year growth opportunity.
As per Elara Capital senior vice president – research analyst of media, consumer discretionary and internet Karan Taurani’s margins in the GCC market is far superior as compared to India (around 48-50 per cent gross margin). Nykaa’s gross merchandise value (GMV) contribution from private labels currently is 11.2 per cent, which can potentially lead to 10-15 per cent higher sales volume for this segment in the near term due to new market expansion, he points out.
“As per our assessment, this joint venture will thereby have a positive impact of one-two per cent on growth rates for the overall beauty and personal care (BPC) segment; it may be margin dilutive initially due to investment in the overseas market (creating brand awareness) but will impact earnings positively, once they achieve scale,” says Taurani.
Elara Capital has estimated 23.7 per cent revenue compound annual growth (CAGR) for the Nykaa BPC segment in the upcoming years, he adds.
For the record, Nykaa has 112 retail stores in India (as of 30 June), catering to approximately 28,000 pin codes and offering over 4,500 brands across platforms. Apparel Group is a global fashion and lifestyle retail conglomerate headquartered in the United Arab Emirates (UAE). It is home to over 75 lifestyle and beauty brands with over 2,000 stores in 14 countries.
Brands
YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
