Nykaa and L’Oréal’s BOLD to Invest in Emerging Indian Beauty Brands
Under the partnership, the 2 companies will take minority stakes in high-growth Indian beauty, personal care and wellness businesses .
Beauty and fashion retailer Nykaa has partnered with BOLD (Business Opportunities for L’Oréal Development), the corporate venture capital fund of L’Oréal, to jointly invest in emerging Indian beauty and personal care brands.
Under the partnership announced on September 24, the two companies will take minority stakes in high-growth Indian beauty, personal care and wellness businesses that have demonstrated consumer traction and differentiated product offerings. The investments will be financial and minority in nature, with founders retaining ownership and continuing to run their businesses independently.
The companies said the backed brands will retain their existing teams, culture and creative direction. Alongside capital, Nykaa and BOLD will provide founders with mentorship, strategic guidance and access to their respective expertise and networks.
The initiative combines L’Oréal’s global beauty expertise with Nykaa’s consumer ecosystem, omnichannel retail network and understanding of the Indian market. The companies said the aim is to help Indian beauty entrepreneurs scale their businesses and build brands for India and international markets.
No individual investments have been announced under the partnership so far. Nykaa and L’Oréal have not disclosed the size of the investment pool, individual cheque sizes, the names of brands being considered or a timeline for the first transactions.
Jacques Lebel, Managing Director of L’Oréal India, said India is an important beauty market, driven by changing consumer needs and a growing pool of entrepreneurs. He said the partnership would combine capital, mentorship and L’Oréal’s beauty expertise while allowing founders to continue building their brands independently.
Anchit Nayar, Executive Director and CEO of Nykaa Beauty, said Nykaa and L’Oréal have been partners in India for more than a decade. Nykaa’s investor presentation traces the relationship to 2012, with the companies subsequently expanding their collaboration across several L’Oréal brands and distribution arrangements.
Nykaa said it had more than 60 million customers across its online platforms and 324 offline beauty destinations as of June 30, 2026. The company also operates its own brand portfolio, including Nykaa Cosmetics, Dot & Key and Kay Beauty, while serving as a retail and distribution platform for Indian and international beauty brands.
The partnership comes as both companies expand their involvement in India’s digital-first beauty ecosystem. In June 2026, L’Oréal separately announced an agreement to acquire a majority stake in Innovist, an Indian house of personal-care brands with a digital-first model. That transaction is separate from the Nykaa-BOLD initiative.
BOLD, or Business Opportunities for L’Oréal Development, was established in 2018 as L’Oréal’s corporate venture capital fund. It invests in minority positions across the beauty value chain, including emerging beauty and wellness brands as well as companies developing science and technology for the sector.
BOLD’s investment model combines financial backing with access to L’Oréal’s beauty expertise, global network and mentorship, while portfolio companies retain operational independence.
For emerging Indian beauty companies, the new initiative could provide access to both capital and established retail, distribution and industry capabilities. However, the scale and structure of that support will depend on individual investments, which have yet to be announced.