What does it take to be a winning beauty brand in 2022?

By Rituparna Som
01 December, 2022

What does it take to be a winning beauty brand in 2022?

By Rituparna Som
01 December, 2022

The finalists of the recently concluded BEAUTY&YOU India  incubation programme are attempting to change the beauty industry in the country

A beauty brand today stands for more than just the products it offers. It must check multiple boxes—is it sustainable and science-driven? Does it revive tradition, push expectations and redefine trends? It needs to create an impact through its brand sensibility, personality and individuality. The story of the brand is as much a star as the products, as are the brand’s principles. How diverse and inclusive are you as a brand? If you’re selling sunscreen—what do you stand for?

The Indian beauty and personal care industry is currently the eighth largest in the world, valued at $15 billion and growing at 10 per cent, according to a Euromonitor study. This figure is expected to double by 2030, with skin care and cosmetics primarily driving growth. 

Lab Fresh aims to revolutionise packaging in the beauty industry, going beyond just the aesthetics

Sachi Chaudhary, founder of Ira Beauty presents her business plan to the judges

Eager to be part of this shift, The Estée Lauder Companies (ELC) and Nykaa announced an incubation or accelerator programme in July this year. Called BEAUTY&YOU India, the programme invited entrepreneurs in the beauty industry to send in applications that would compete for three prizes worth a sum total of rupees four crore—one for a yet-to-launch brand (IMAGINE); the second for a fledgling, young company looking to expand (GROW); and the third for a brand with the most engaging content (COMMUNITY). Ten finalists were shortlisted from a pool of over 300 entries across the country. They were judged and mentored by experts within the industry, like Katrina Kaif, actor and co-founder, Kay Beauty; Sabyasachi Mukherjee, founder and CEO, Sabyasachi; Nicola Kilner, co-founder and CEO, DECIEM; Deepica Mutyala, founder and CEO, Live Tinted; Anaita Shroff Adajania, CEO, Style Cell; and specialists from The Estée Lauder Companies, NYKAA, Intercos and Sequoia Capital. 

For the IMAGINE category, founders were asked to create something extraordinary. The concepts ranged from breakthrough product innovation to re-imagining centuries-old fragrance traditions to emerging consumer categories such as teen beauty, men’s skincare and digital beauty. The GROW category focused on existing companies. With exciting products or market niches, these companies have developed concepts for under-served communities and pushed innovation across product categories and storytelling. 

The programme is an attempt at making consumers aware of an array of brands and products, allowing them to know more about what’s on offer. We tell you more about the 10 BEAUTY&YOU finalists: