The process aims to discover, spotlight and propel India-focused beauty retailers and new technologies. Credit: Funstock via Shutterstock.

Estée Lauder Companies (ELC) has partnered with Indian beauty and lifestyle retailer NYKAA to launch BEAUTY&YOU India 2024, a competitive beauty industry programme.

Created by ELC’s New Incubation Ventures (NIV), the process aims to discover, spotlight and propel India-focused beauty retailers and new technologies, ingredients or solutions that address existing challenges for Indian beauty consumers.

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The prize categories cover skin care, makeup, hair care, personal fragrance and home fragrance. The “IMAGINE” award is for pre-launch beauty concepts, the “GROW” award covers in-market beauty concepts and the “CREATE” award recognises the country’s next generation of creative talent, such as filmmakers and photographers.

Open to prospective applicants from 16 July to 29 August 2024, the winners will be announced on 16 November.

Winners will have access to a prize pool of up to 4 crore [a unit of value equivalent to Rs10m] ($500k), distribution channel access, mentorship, and research and innovation resources.

ELC is spotlighting India’s cosmetics industry, which registered a market value of $17.3bn in 2023.

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NIV senior vice-president Shana Randhava commented: “India represents one of the most exciting global economies for beauty today. A growing consumer base, an exciting retail landscape and one of the most powerful entertainment markets in the world continue to fuel unprecedented growth.

“The market is poised to continue to drive both national and global trends. We are excited to support the founders and creators in their journey.”

ELC recently acquired the remaining interests of skincare company DECIEM Beauty.