Nykaa would hold 55 per cent of the new entity; Apparel Group would own the rest.
In his last role at Unilever Russia, Gupta helmed the beauty and personal care business.
LBB has grown from a Tumblr blog to a buzzing online marketplace.
Street Wear is also entering a unique distribution partnership with Nykaa D.
Head: Its revenue from operations rose 31% to Rs 973.32 crore in the fourth quarter.
