As China slows, India emerges as beauty’s next bet

Procter & Gamble’s announcement that India-born Shaleish Jejurikar will become global CEO on January 1, 2026 has resonated far beyond Cincinnati headquarters. Jejurikar joins a growing roster of Indian-origin executives now at the helm of the world’s largest beauty and personal care companies. From L’Oréal’s chief digital and marketing officer Asmita Dubey to Estée Lauder’s CFO Akhil Shrivastava, Indian talent is occupying some of the industry’s most strategic positions. Coty, Unilever, and Kenvue have also brought Indian-born leaders into senior regional and global roles. This leadership shift mirrors a geographic one. As China’s once-reliable growth engine sputters (Unilever reported a low single-digit decline in Chinese sales in the first half), India is emerging as the industry’s next big battleground. With a consumer base projected to become the world’s largest by population, a fast-formalizing retail environment, and a digital commerce sector growing at more than 20% annually, the subcontinent is no longer a secondary growth market. Unilever has moved fastest. In just 18 months, the Anglo-Dutch group has invested in or acquired seven Indian beauty brands, from high performance skincare label SkinInspired to haircare player Arata. In its latest earnings call, CEO Hein Schumacher likened India’s strategic significance to China’s in the 2010s, saying, “For Unilever, India is more than just a market — it is the company’s second-largest after the United States, with strong long-term prospects. Given India’s rapidly evolving distribution channels, our main focus will be on how to enter the market and how to drive brand growth in ways tailored to each channel.” India is now Unilever’s second-largest market after the US, with 6.5 billion euros ($7.6 billion) in 2024 sales. India’s beauty consumers to watch: Gen Z and 40+ women living in Tier 1 and 2 cities For many, the appointment of an India-born CEO at a US consumer goods giant signals that companies want leaders fluent in navigating India’s fast, complex and most fragmented market dynamics. “India’s beauty growth is being written by two distinct audiences,” says Cindy Palusamy, founder of CP Strategy and an advisor to global beauty, wellness and lifestyle brands. “The metro elites trading up to prestige, and the Tier 2 and Tier 3 aspirants making their first premium purchase.” Gen Z, which makes up 26% of India’s population and already accounts for 44% of beauty and personal care spend, is driving much of this momentum. “They are adding more steps to their routines, from actives to fragrances, and are driven by discovery as much as price,” Palusamy says. Yet, one of the most under-served demographics, both in India and globally, remains women over 40. “This group controls significant wealth and will spend on results,” she adds. “But very few brands speak to them directly.” A Mumbai-based beauty market analyst, who asked not to be named for professional reasons, calls the country’s consumption pyramid “skewed but accelerating.” The top 5% of earners, concentrated in Tier 1 and Tier 2 cities, are advancing aggressively in beauty spend, from $30 annually among entry-level earners to $140 for high-income households. The analyst advises brands to focus year one efforts on affluent professionals and Gen Z in the largest urban centers, before expanding reach. “Don’t ignore beauty enthusiasts, even in Tier 4 towns,” she adds. “These are the people who will save for months to buy a 5ml Estée Lauder Advanced Night Repair.” Indian beauty consumers shop mainly offline, but online holds huge potential Despite the e-commerce boom, India’s beauty market remains 85% offline. Organized beauty retail is expanding fast: Nykaa, India’s closest analogue to Ulta, now operates 237 stores in 79 cities, up from fewer than 80 five years ago. Reliance’s Tira, a hybrid app-and-store-format, is scaling prestige and masstige beauty alongside its stewardship of Sephora India. Shoppers Stop has doubled down on beauty-only doors, now counting over 80 standalone stores. E-commerce is growing even faster. Beauty’s online GMV is projected to rise from $15 billion in FY25 to $40 billion-50 billion by FY30, at a CAGR of 23%-25%, according to Redseer. Marketplaces such as Amazon and Myntra offer nationwide reach, while quick commerce (Zepto, Blinkit, Swiggy Instasmart) is becoming a driver for impulse purchases and replenishment in metros. Palusamy sees quick commerce as a marketing tool as much as a distribution channel. “Limited-time drops on quick commerce platforms are becoming the beauty equivalent of a flash sale,” she says. “And experiential pop ups – from niche activations to mega-events like Nykaaland – are building awareness and driving trials.” The Mumbai analyst says that premium Western brands are entering India offline-first, with exclusive partnerships: “Nars launched with Shoppers Stop before expanding to Sephora and Nykaa. Mac, Clinique, and The Ordinary have all done quick commerce exclusives in select zip codes.” Brands need to invest in storytelling, visible retail presence, and word-of-mouth Experiential retail is still nascent, but growing. Reliance’s Tira Beauty Stores and Shoppers Stop’s makeover counters are early examples, while new players such as Broadway are experimenting with immersive, D2C-focused beauty hubs. In a market the analyst describes as “low trust,” conversion is still heavily influenced by brand storytelling, visible retail presence, and word-of-mouth. Whether from friends, family or creators. Celebrity endorsements remain powerful, particularly for mass and masstige products. Influencer marketing is increasingly hyperlocal and multilingual. “Most beauty content is still in English, but the next wave of consumers is in Hindi, Tamil, Bengali, and other regional languages,” says the analyst. “Local language creators are as effective as national celebrities for Tier 2 and Tier 3 markets.” For international brands, the playbook is becoming clearer. Both Palusamy and the Mumbai analyst recommend an omnichannel strategy from day one: Launch online with a scaled retailer like Nykaa or Tira, layer in marketplaces and quick commerce, then add direct-to-consumer channels once awareness and trust are established. Regulatory requirements, such as securing a local importer of record and Central Drugs Standard Control Organisation approvals, make local partnerships essential. “Exclusivity windows should be short,” the analyst cautions. “Six months to a year max, otherwise you lose momentum.” Price positioning is critical. “If you want to unlock the largest part of the customer base, pricing needs to speak to entry-level prestige,” Palusamy says. Minis are another way to drive trial and trust, especially among Gen Z. Localization without losing global identity and price value are key The brands that have broken through in India share several traits: early entry (MAC, Huda Beauty), viral momentum timed to market trends (beauty of Joseon, Anua, Cosrx), and just-enough localisation. For instance, from shade ranges to humidity-friendly formulas, without losing global brand equity. Festivals and weddings, which account for up to 30% of annual beauty sales, are critical marketing moments. Successful brands layer in limited editions and targeted campaigns during Diwali, Dussehra, and the long wedding season. Value remains a powerful lever. Drugstore players like Maybelline and E.L.F. Have built strong positions with accessible pricing and hero SKUs. Local brands such as Sugar Cosmetics and Kay Beauty are winning with innovative, skin-tone-inclusive ranges; masstige naturals player Plum has built loyalty with proprietary formulations. With Jejurikar stepping into P&G’s top job, the rise of Indian-origin leadership in global beauty has gained a high-profile example. The alignment of talent pipelines and market expansion potential suggests India could become a central driver in shaping not only where the sector grows, but also how it is led and envisioned in the years ahead.

As China slows, India emerges as beauty’s next bet

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Published August 14, 2025

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As China slows, India emerges as beauty’s next bet