Estée Lauder Companies and Nykaa Announce Winners of Beauty You Awards, Highlighting Female Entrepreneurship

What's Happening?

Estée Lauder Companies, in collaboration with Nykaa, announced the winners of the Beauty & You awards in Mumbai. The awards, which recognize innovation and entrepreneurship in the beauty industry, were given in four categories: Grow, Imagine, Breakthrough, and the newly introduced Visionary Women’s Award. The Visionary Women’s Award, inspired by Estée Lauder's legacy as a female-founded company, was awarded to Khanak Gupta, co-founder and CEO of Sohrai Beauty. Sohrai Beauty, known for its high-performance skincare products using mahua oil, has developed proprietary technology to enhance the oil's skin-nourishing benefits. The award provides recipients with financial support, mentoring, and industry access, aiming to foster growth and innovation in the beauty sector.

Why It's Important?

The Beauty & You awards underscore the growing importance of female entrepreneurship and innovation in the beauty industry. By supporting local brands and female founders, Estée Lauder Companies and Nykaa are not only promoting diversity but also driving economic growth in the sector. The awards provide winners with crucial resources such as capital, community, contacts, and credibility, which are essential for scaling their businesses. This initiative also highlights the strategic focus on India as a key market for Estée Lauder Companies, which has launched multiple brands in the region over the past two decades. The partnership with Startup India further emphasizes the commitment to nurturing local talent and integrating them into the global beauty market.

What's Next?

Award recipients are expected to leverage the financial and mentoring support to expand their market presence and enhance their product offerings. For Sohrai Beauty, this means advancing their research and development capabilities and potentially entering new markets. The involvement of government-backed initiatives like Startup India suggests a continued focus on fostering innovation and entrepreneurship in India. As Estée Lauder Companies and Nykaa continue to support local brands, there may be increased collaboration opportunities and market expansion for other emerging beauty brands in the region.

Beyond the Headlines

The introduction of the Visionary Women’s Award reflects a broader cultural shift towards recognizing and empowering female entrepreneurs in traditionally male-dominated industries. This move not only honors the legacy of Estée Lauder but also aligns with global trends of promoting gender equality in business. The focus on local ingredients and sustainable practices, as seen with Sohrai Beauty's use of mahua oil, also highlights a growing consumer demand for ethically sourced and environmentally friendly products.