Nykaa incorporates new unit in Oman eyeing GCC expansion
The development follows Nykaa's decision to incorporate Nysaa Distribution FZE in Dubai through Nessa International in November 2024.
Beauty and personal care marketplace Nykaa on Thursday said it has incorporated a subsidiary in Oman to expand its operations in the Gulf Cooperation Council (GCC) countries.
Nysaa Cosmetics SPC is a wholly-owned subsidiary of Nessa International—a unit of FSN International—the parent company behind Nykaa. In a stock exchange filing, Nykaa added that the newly incorporated company has yet to commence its business operations.
The share capital for Nysaa Cosmetics will be OMR 30,000, which will be involved in international and domestic sales/trade/retail of beauty and personal care products both online and offline, the filing read.
The new business will trade women’s cosmetics, toiletry, and beauty and hair care products, along with perfumes and beauty soaps.
The development follows Nykaa's decision to incorporate Nysaa Distribution FZE in Dubai through Nessa International in November 2024.
In its latest second-quarter financials, Nykaa’s international beauty business, which includes Nessa International, grew multifold, although on a much lower base to Rs 5.76 crore. The company is yet to release its third-quarter results.
Earlier in July 2024, Nessa International had incorporated a new unit in Qatar, named 'Nysaa Cosmetics Trading', for a share capital of Qatari Riyal 500,000 (Rs 1.14 crore).
Edited by Suman Singh