Created by ELC’s NIV and launched in partnership with NYKAA, BEAUTY&YOU expands program with new prize categories and releases a report entitled ‘Decoding the Indian Beauty Landscape’ offering key insights for the Indian beauty market
NEW YORK, June 07, 2023--(BUSINESS WIRE)--The Estée Lauder Companies (NYSE: EL) ("ELC") is excited to announce the second edition of BEAUTY&YOU. Created by ELC’s New Incubation Ventures ("NIV") and launched in partnership with India’s preferred beauty and lifestyle retailer, NYKAA, BEAUTY&YOU aims to continue its mission to discover, spotlight and propel the next generation of Indian beauty brands. The program supports India-focused companies, entrepreneurs, innovators, and creators through a competitive application process that will be open to prospective applicants on June 7, 2023, through August 5, 2023, via www.beautyandyouawards.com. Winners will be announced on November 2, 2023, at a live event in Mumbai.
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Introducing BEAUTY&YOU 2023: Supporting The Next Generation Of Indian Beauty Entrepreneurs and Creators
The 2022 debut of the program witnessed stellar response from new and emerging brands. With over 300 entries across 50 Indian cities, the application pool included a multitude of beauty brands across categories – skin care, hair care, fragrance and color cosmetics. For more details on the 2022 winners, please visit beautyandyouawards.com.
"With a higher degree of consumer awareness than ever and an influx of options unlike anything that the market has seen, India represents an exciting opportunity for the global beauty ecosystem. Building on the success of last year’s program, we expanded the scope and scale by increasing the award categories to invite a broader group of founders, creators and innovators to join us. In addition, we commissioned a study to spotlight the biggest trends and most interesting insights to help entrepreneurs innovate for the future," said Shana Randhava, Senior Vice President, New Incubation Ventures, ELC.
Entitled "Decoding the India Beauty Landscape," the report developed by BEAUTY&YOU in partnership with 1Lattice – a New Delhi-based, tech-enabled business research and analytics firm – focuses primarily on various factors affecting consumer purchase behavior including concerns, motives, pain points, and accessibility. These insights, along with the resources that BEAUTY&YOU will offer, will help prospective applicants and award recipients craft winning strategies for their brands.
"Having played a critical role in building India’s beauty landscape over the last decade, we are excited to discover and enable homegrown brands to scale and realize their full potential by sharing our knowledge and distinct retail expertise. NYKAA and The Estée Lauder Companies were born out of an entrepreneurial vision. The opportunity to give back to the vibrant Indian entrepreneurial ecosystem makes BEAUTY&YOU a truly special program," said Anchit Nayar, Executive Director & CEO, NYKAA Beauty.
The 2023 program introduces two new awards to broaden the reach of the initiative. Scientists and labs, photographers, and filmmakers, key members of the beauty ecosystem, are invited to apply alongside beauty company founders.
2023 Prize Program
The following prizes are open to founders, companies, and creatives meeting specific application criteria available (www.beautyandyouawards.com/application-criteria). The following awards will be presented across categories in Skin Care, Make Up, Hair Care, Personal Fragrance, and Home Fragrance:
IMAGINE: Pre-launch beauty concepts
GROW: In-market beauty concepts
BREAKTHROUGH: Innovation in active ingredients that address key issue areas for the Indian consumer
CREATE: The next generation of creative talent (e.g., photographers, filmmakers etc.) submitting work around the theme of ‘Experiential Beauty in India’
In addition, the program will have two Jury Prizes awarded to the brand with the most community support and the brand demonstrating the most innovative Corporate Social Responsibility (CSR) programming.
Among other resources, BEAUTY&YOU provides award recipients with financial support (prize pool up to 4 Crore or $500,000), distribution access, mentorship, and access to research and innovation resources.
"The BEAUTY&YOU Awards have been a game-changer for Skinvest and the ongoing support and guidance we receive from the ELC and NYKAA teams [has] been instrumental in our growth," said 2022 GROW Prize winner and Skinvest Founder Divya Malpani. "The program has not only accelerated our success but also allowed us to learn from industry gurus, connect with fellow leading founders, and strengthen our vision for the future. I am immensely grateful to ELC and NYKAA for establishing BEAUTY&YOU in India."
The BEAUTY&YOU website and application portal go live June 7, 2023, and will accept applications until August 5, 2023, 11:59PM IST. Full program details are available at www.beautyandyouawards.com.
BEAUTY&YOU aims to help founders, innovators and creators grow their businesses holistically by identifying brand goals, achieving scale ambitions and curating product portfolios that speak to a new generation of Indian consumers.
About The Estée Lauder Companies’ New Incubation Ventures
New Incubation Ventures ("NIV") is the strategic early-stage investment and incubation arm for The Estée Lauder Companies. NIV partners with forward-thinking founders and entrepreneurs to create, fund, and support the best-emerging beauty brands and new business models to shape the future of beauty and build an actionable pipeline of diversified brands and new engines of growth for the ELC portfolio.
About The Estée Lauder Companies Inc.
The Estée Lauder Companies Inc. is one of the world’s leading manufacturers, marketers, and sellers of quality skin care, makeup, fragrance, and hair care products, and is a steward of outstanding luxury and prestige brands globally. 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 Cosmetics, Aveda, Jo Malone London, Bumble and bumble, Darphin Paris, TOM FORD, Smashbox, AERIN Beauty, Le Labo, Editions de Parfums Frédéric Malle, GLAMGLOW, KILIAN PARIS, Too Faced, Dr.Jart+, and the DECIEM family of brands, including The Ordinary and NIOD.
Nykaa (FSN E-Commerce) was founded in 2012 by Indian entrepreneur Falguni Nayar with a vision of bringing inspiration and joy to people, everywhere, every single day. Derived from the Sanskrit word ‘Nayaka’, meaning one in the spotlight, Nykaa has emerged as one of India’s leading lifestyle-focused consumer technologies platforms. Since its launch, Nykaa expanded its product categories by introducing online platforms Nykaa Fashion, Nykaa Man, and Superstore. With a wide assortment of 6000+ brands, today Nykaa is the preferred destination for millions of customers who shop on its platforms every month. Through its website, three apps and 145 physical stores across India, Nykaa offers a truly omnichannel retail experience. The Nykaa Guarantee ensures that products available at Nykaa are 100% authentic and sourced directly from the brand or authorized retailers. Through engaging and educational content, digital marketing, social media influence, robust CRM strategies, and the Nykaa Network community platform, Nykaa has built a loyal community of millions of beauty and fashion enthusiasts. Over the years, Nykaa has received many accolades for disrupting the beauty market. At the 17th India Business Leader Award in 2022, Nykaa was awarded as the Disruptor of the Year and Kantar’s Brandz List features Nykaa as one of most valuable brands in India. www.nykaa.com
2023 BEAUTY&YOU JUDGES
Our Expert Panel of ELC Research & Development Advisors
Executive Vice President, Research, Product and Innovation Officer, The Estée Lauder Companies
Chief Scientific Officer, DECIEM
Dr. Bhushan Hardas
Senior Vice President, Advanced Technologies, The Estée Lauder Companies
Senior Vice President, Global Fragrance Innovation, Product Development & R&D, The Estée Lauder Companies
Chief Global Trends & Makeup Innovation Officer, The Estée Lauder Companies
Senior Vice President, Local & Cultural Innovation, The Estée Lauder Companies
Vice President, Research & Development, The Estée Lauder Companies
Senior Vice President, External Innovation & Strategic Partnerships, The Estée Lauder Companies
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