Nykaa Partners With Apparel Group To Tap Gulf Market
FSN E-commerce Ventures Nykaa's Parent company has entered into an alliance with the Apparel Group of Gulf Cooperation, through its subsidiary FSN International, it will hold a 55 per cent stake in the alliance
FSN International, a subsidiary of FSN E-Commerce Ventures i.e. Nykaa’s Parent company, has entered into a strategic alliance with Apparel Group, which is a middle eastern group according to the media reports. The aim is to tap the region of the Gulf Cooperation Council. FSN International will hold a 55 per cent stake and 45 per cent will be owned by Apparel Group. However, the amount invested is still not disclosed.
It is the first time that Nykaa has entered into an alliance like this to target the international market. The media reports also mentioned that it will build multi-brand omnichannel beauty retail operations for countries like Bahrain, Kuwait, Saudi Arabia, the United Arab Emirates (UAE), etc. This will be done by making an entity that will be incorporated into the Abu Dhabi Global Market.
