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Beautypreneurs of World

by Priyanka Parshurami

The Indian beauty industry is growing exponentially, and the evidence of this growth is the birth of 46 unicorn companies this financial year. On account of National Entrepreneur Day, Priyanka Parshurami speaks to industry experts and charts the growth graph of the beauty industry.

National Entrepreneurs Day is an annual event occurring on the third Tuesday of November that honours people who have built businesses from a scratch. Radical inventions by brilliant minds have shaped the way of today’s beauty and wellness industry.

As per market reports, the Indian beauty industry, which witnessed the birth of 46 unicorn firms this financial year, is growing exponentially and is expected to exhibit a CAGR of 6.5 per cent by 2027.

The recently conducted inaugural session of BEAUTY&YOU awards by Estée Lauder Companies in partnership with Nykaa are a perfect opportunity for the young and budding entrepreneurs in the Indian beauty industry. Speaking on this occasion, Anchit Nayar, CEO, Beauty E-Commerce, Nykaa said, “It is very important for any new or budding entrepreneur to stay humble, never take shortcuts and to have the understanding of the consumers and the market’s needs and to always work backward. Quality and passion for the product are of utmost importance.”

Aankit Arora, CEO, Streamline Beauty India Private Limited, adds, “The one quality that every beauty aspirant and budding entrepreneur should have in them is the skill to identify gaps and grow capability of our organisations facing the end clients and salons. We may end up doing the best marketing or the best branding – but growing the capability of the teams is mandatory to success otherwise we will always be behind our own selves.”

Along with the brands even the salon industry is estimated to be worth around INR 10,000 crores by 2027 with salons venturing into tier II cities and meeting international standards of the beauty industry and setting new benchmarks with their services, which are not limited to make-up anymore.

Swati Gupta, Director and Head of Creative Development, Bodycraft Salon, shares, “When I was young, salons in India used to be more or less a home set-up and run that way as well. It didn’t have business units, just a group of people catering to a small and loyal set of clients. But salons today have multiple, extremely essential business units like Finance, Marketing, Human Resources and so forth. Now that markets are global, there is far more investment and advancements in aesthetics as an industry as well.”

She further adds, “Even when it comes to skill levels, therapists and aestheticians are looking to formalise their education with certifications. Salons are also leaning towards hiring certified personnel. We have our own Academy called the Bodycraft Academy to meet the demand for formal education in the industry. There’s also now access to products from international brands and the country is moving towards setting trends, rather than following them. “

Bodycraft recently crossed an important milestone as they completed 25 years this June. The company aims to double its retail portfolio and increase production between their clinical and salon business lines and is also considering franchise inquiries and would action those if viable.

The growth and lime light of the beauty and wellness industry has penetrated deep into bollywood making it the lucrative business models for the actors. From Katrina Kaif, who’s the proud owner of Kbeauty, to Priyanka Chopra Jones who launched her revolutionary haircare brand Anomaly, the beauty and wellness industry is undoubtedly the melting pot for budding entrepreneurs in India.

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