~From a celebrity-led launch in 2019 to one of India’s largest beauty brands, Kay Beauty has built scale, profitability and international momentum within the House of Nykaa~
Mumbai, Oct 09: Kay Beauty, co-founded by Nykaa, and actor Katrina Kaif, has evolved into a scaled and profitable beauty business. Since its launch in 2019, the brand has built a strong and growing consumer franchise, with nearly 3 million consumers choosing Kay Beauty till date, reflecting the resonance it has built through its focus on quality, innovation and accessible premium beauty.
That consumer love has translated into a business with an annualised NSV run rate of INR 300 crore in Q1 FY27, an astounding 3x growth over the last three years. Today, Kay Beauty is India’s largest celebrity beauty brand, with a business built on strong consumer relevance, product innovation and disciplined fundamentals.
Growth momentum coupled with strong business fundamentals
Kay Beauty’s growth has been underpinned by strong business fundamentals from the outset. Unlike many new-age consumer brands that typically go through extended gestation periods and significant investments, Kay Beauty achieved profitability within its first year of operations. The brand has continued to strengthen its economics as it has scaled, demonstrating that growth and profitability have been built in parallel.
The business enjoys a healthy double-digit EBITDA margin and a ROCE of 50%+, reflecting the strength and efficiency of its underlying business model. With further scale, the brand is well positioned to continue improving both margins and capital efficiency.
The combination of early profitability, capital efficiency and healthy operating margins has enabled Kay Beauty to build a strong and increasingly efficient business, while continuing to invest in product innovation, brand building and expansion.
Innovation and premiumisation driving the next phase
Product innovation has remained central to Kay Beauty’s growth, with the brand increasingly premiumising its portfolio through differentiated products, elevated formats and high-quality collaborations.
In Q1 FY27, new launches contributed approximately 40% of the brand’s business, highlighting the role of innovation in driving consumer demand and keeping the portfolio relevant to evolving beauty preferences.
The brand’s approach to innovation has also extended to premium collaborations, including its limited-edition collection with Falguni Shane Peacock, alongside continued expansion into differentiated product formats. The evolution of its portfolio reflects Kay Beauty’s growing focus on product quality, innovation and premiumisation as it builds beyond its origins as a celebrity-led beauty brand.
From India to international markets
Kay Beauty’s growth story is increasingly extending beyond India. The brand made its international debut in the UK through a partnership with Space NK, becoming the first beauty brand founded in India to join the retailer’s curated global portfolio.
Soon after entering the UK, Kay Beauty ranked among the top five brands across Space NK stores, providing an early indication of the brand’s resonance with international consumers.
Today marks one year of Kay Beauty’s presence in the UK with Space NK, one of the UK’s leading beauty retailers. Soon after its launch across Space NK stores in the UK, the brand ranked among the top five brands, reflecting strong early traction with consumers. The first anniversary marks an important milestone in Kay Beauty’s international journey, demonstrating the brand’s ability to build consumer relevance beyond India.
In the GCC, Kay Beauty is available through Nysaa, where it continues to rank among the top three brands. The brand’s performance across both markets reflects the growing relevance of Kay Beauty internationally, as it evolves from an India-focused celebrity beauty brand into a beauty brand building recognition across global markets.
A strategic pillar of the House of Nykaa
Kay Beauty’s trajectory is also reflective of the broader evolution of House of Nykaa, Nykaa’s portfolio of consumer brands across Beauty and Fashion. House of Nykaa’s beauty portfolio generated INR 2,032 crore annualised NSV in Q1 FY27. The portfolio has sustained 50%+ year-on-year growth over the past three years, reflecting the continued momentum of Nykaa’s owned beauty brands.
Within this portfolio, Kay Beauty represents Nykaa’s ability to identify a consumer whitespace, build a differentiated brand proposition and scale it through its ecosystem of consumer insights, technology, retail, distribution and brand-building capabilities.