Nykaa and L'Oréal's BOLD Fund Back Emerging Indian Beauty Brands

Nykaa and L'Oréal's corporate venture capital fund BOLD (Business Opportunities for L'Oréal Development) have signed a partnership to take minority stakes in emerging Indian beauty and personal care brands, the companies announced on October 2, 2026 in Mumbai.

The deal is structured as purely financial investment. Founders of the selected brands retain ownership control and continue to run their businesses independently, according to the announcement.

The partnership will target beauty and wellness brands that already show consumer traction and offer distinct propositions. Beyond capital, selected brands gain mentorship and guidance, plus access to L'Oréal's global beauty expertise and Nykaa's omnichannel retail network and consumer ecosystem.

Jacques Lebel, Managing Director at L'Oréal India, framed the bet around the market's growth. "India is one of the most exciting beauty markets in the world, and its energy comes both from an expanding base of demanding consumers with rapidly evolving needs and from its ecosystem of tremendous entrepreneurs," Lebel said.

He added: "Through BOLD and this partnership with Nykaa, we want to stand behind that talent — backing founders with capital, mentorship, and L'Oréal's beauty expertise, while leaving them free to build their brands their way."

The deal extends a relationship that reaches back more than thirty years for L'Oréal in India and more than ten years for the two partners directly. "Our commitment to India is stronger than ever, and this is the next major milestone in a journey of partnership and growth that we began over three decades ago," Lebel said.

Anchit Nayar, Executive Director and CEO at Nykaa Beauty, echoed the long-term framing. "Nykaa and L'Oreal have been partners in India for over a decade, working together on our shared vision of making India into one of the world's largest and fastest growing beauty markets," Nayar said.

He pointed to the operating experience both sides bring to early-stage founders. "The experience and lessons we have learned along the way have allowed us to understand what it takes to build a promising brand into an enduring one," Nayar said.

"Combining our strong consumer ecosystem, deep retail network and wide distribution, along with L'Oréal's global beauty expertise will be an incredibly valuable asset to the next generation of founders as they look to build consumer brands that India can be proud of," Nayar concluded.

The initiative aims to support Indian beauty founders as they scale in both domestic and international markets while keeping full control of their brands and operations. For L'Oréal, the vehicle gives BOLD a curated pipeline into India's entrepreneurial beauty segment; for Nykaa, it deepens its position as the retail launchpad of choice for the country's next consumer brands.