The programme will give a non-equity grant of up to $500,000 (Rs 4 crore) to winner companies, Anchit Nayar, chief executive of beauty, at
told ET.
Under the programme, created by ELC’s New Incubation Ventures and launched in partnership with Nykaa, founders grow their businesses by identifying brand goals, achieving scale ambitions, and curating product portfolios.
The winning company will be selected through an application process that closes on September 30, and will be announced in November, Nayar said.
India-focused companies in both pre-launch and in-market premium beauty segments can participate.
According to Nayar, the companies intend to make this programme an annual proposition with a bunch of companies selected for mentoring and incubation.
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Apart from the prize money of $500,000, the programme will provide award recipients with masterclasses from leading global experts; mentorship from experts across functions such as product and content development, brand building, finance, operations, and supply chain; distribution support wherein access to Nykaa’s expansive omnichannel reach will be provided.
“We are open to making equity investments in companies coming out of this programme,” Nayar told ET.
Bollywood actor Katrina Kaif, who is also the founder of Kay Beauty; celebrity designer Sabyasachi Mukherjee and Samarth Bedi, the executive director of premium beauty brand Forest Essentials, are among the industry experts that have committed to the programme.
“With its incredibly vibrant economy and cutting-edge startup community, India represents an exciting opportunity for beauty creators and innovators,” said Shana Randhava, vice president, New Incubation Ventures at ELC. “Our vision is for Beauty&You to harness the entrepreneurial energy in India to advance next-generation beauty brands by presenting opportunities that help put brands on a long-term, sustainable growth path,” she added.
ELC is one of the leading manufacturers and marketers of skincare, makeup, fragrance, and hair care products.
The company’s products are sold in approximately 150 countries and territories under brand names including Estée Lauder, Aramis, Clinique, Lab Series, Origins, M·A·C, La Mer, Bobbi Brown, Aveda, Jo Malone London, among others.
