Nykaa enters into strategic alliance with Apparel Group to enter GCC market

Nykaa on October 6 announced that it has entered into a strategic alliance with Apparel Group, the largest lifestyle retail conglomerate in the Middle East to enter the Gulf Cooperation Council (GCC) market across Kingdom of Bahrain, the State of Kuwait, Sultanate of Oman, State of Qatar, Kingdom of Saudi Arabia and the United Arab Emirates (UAE).

The new omnichannel entity will likely have a new brand name and be incorporated in the Abu Dhabi Global Market in which FSN International (a wholly-owned subsidiary of the FSN E-commerce Ventures which runs Nykaa) will hold a 55 percent stake and the balance 45 percent will be held by Apparel. The deal is estimated to be closed by March 31, 2023.

(This is a developing story.)