Sunday Business: Investing in India

In this monthly roundup, India once again stands out as one of the most resilient and strategically important beauty and personal care markets globally. While profitability and growth trajectories remain uneven across players, the broader picture is one of sustained consumer demand, rising investment confidence and intensifying competition—particularly as global groups double down on local innovation, marketing and premiumisation.

At the top end of the market, performance momentum remains strong. Nykaa more than doubled its Q3 profit as beauty demand in India continued to show resilience, reinforcing the platform’s position as a key beneficiary of premiumisation, omnichannel reach and growing brand trust. Similarly, Gillette India posted a sharp jump in profit on the back of robust demand for grooming products, underlining how everyday personal care categories are still delivering dependable growth even amid macro uncertainty.

However, not all players are seeing the same uplift. Amway India reported a wider loss in FY25 as sales declined, pointing to continued pressure on direct selling models in an increasingly digital and value-conscious market. Meesho also posted a wider quarterly loss as marketing and expansion spending accelerated, highlighting the cost of scale in India’s fiercely competitive e-commerce landscape, where customer acquisition and retention remain capital-intensive.

Leadership and marketing firepower continue to shape competitive advantage. Unilever appointed Abhinav Ravikumar as Chief Marketing Officer for Personal Care India, signalling a renewed focus on brand-building, innovation and relevance in one of its most strategically critical markets. At the same time, Hindustan Unilever retained its position as India’s top TV advertiser despite a broader market slowdown, reinforcing the enduring role of mass media investment in driving reach and volume at scale.

Long-term confidence in India’s beauty ecosystem is also being reflected in capital commitments. L’Oréal confirmed plans to invest US$383 million in a Hyderabad beauty tech hub, strengthening local R&D, manufacturing and technology capabilities. The move underscores India’s growing role not just as a consumption market, but as a global innovation and production base within multinational beauty networks.

At the emerging brand level, funding activity remains active where differentiation is clear. Secret Alchemist raised US$3 million in funding led by Unilever Ventures, highlighting continued investor appetite for premium, digitally native beauty brands with strong storytelling and local relevance. These investments signal that while capital is more selective, India remains fertile ground for early-stage growth backed by strategic partners.

Globalisation of the Indian beauty shelf is also accelerating. Reliance Retail introduced South Korean beauty brand Hince to India via its Tira platform, reflecting the country’s growing appetite for K-beauty and international prestige brands. The move further intensifies competition in the premium segment, as domestic and global players vie for increasingly sophisticated consumers.

Looking ahead, outlook statements suggest cautious optimism. Marico forecast strong Q3 revenue growth as pricing pressures begin to ease, offering a positive signal for margin recovery across the fast-moving consumer goods sector. As inflationary headwinds soften, brands may gain greater flexibility to reinvest in innovation, marketing and portfolio expansion.

Taken together, this monthly roundup paints a picture of an Indian beauty market that remains structurally strong, but increasingly complex. Growth is real, but it is being earned—through investment, brand strength and operational discipline. As global and local players deepen their commitment, India’s role as a cornerstone of future beauty growth looks not only intact, but increasingly central.