FSN E-Commerce Ventures Ltd., the parent of fashion e-retailer Nykaa, announced that it has incorporated a subsidiary in Saudi Arabia for the online and offline sale of beauty products on Friday.
The new subsidiary, named Nysaa Trading LLC., will operate under the brand name "Nysaa KSA," it said in an exchange filing.
Nysaa KSA will be involved in the "international and domestic sale/trade/retail of beauty and personal care products (both online and offline) and other related activities," the filing added.
The main objective of the new subsidiary is to trade in cosmetics, toiletry, perfumes, soaps, and beauty and hair care products, it further noted.
FSN E-Commerce noted that it has subscribed share capital of 300,000 Saudi Riyal, or around Rs 66.8 lakh, in Nysaa KSA.
Eye On Middle East
In July, Nykaa announced the incorporation of its subsidiary, Nysaa Cosmetics Trading, in Qatar for the export and retail sale of beauty and personal care products.
This was preceded by the company expanding its presence in the United Arab Emirates by launching Nysaa-branded offline stores in Dubai in March. The stores feature products of top global brands, including Stila, Kay Beauty, Rituals, and Kylie Cosmetics.
Notably, Nykaa entered the Gulf Cooperation Council region in 2022 through a partnership with the UAE-based Apparel Group.
In May, the company said that it sees the Middle East's overall beauty and personal care market size at $30 billion and expects a 10% year-on-year growth in its business in the region.
Shares of Nykaa were trading almost flat at Rs 201.4 on the NSE, compared to a 1.3% rise in the benchmark Nifty 50 at 3:00 pm.
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