As sales saturate in developed markets, global beauty giants—Shiseido, L’Oréal, Estée Lauder, AmorePacific—are turning their gaze to India, branding it “the last bastion of growth” in luxury beauty as per a survey conducted by consulting firm Kearney and luxury beauty distributor LUXASIA. The projections claim that India’s luxury beauty segment is expected to balloon from $800 million in 2023 to $4 billion by 2035, with international luxury beauty brands looking to target over 60 million women in the country.
Currently, the luxury segment accounts for merely 4% of India’s sprawling $21 billion beauty and personal care market—far behind Southeast Asia’s 8–24% and developed economies’ 25–48%. This gap presents a ripe opportunity for international players, especially given India’s rapidly expanding pool of young, affluent, and social-media-savvy consumers.
Brands are tailoring strategies to sync with local tastes and conditions. Estée Lauder, for instance, leverages digital data to tap tier-2 and tier-3 cities like Siliguri, collaborates with high-profile designers such as Sabyasachi Mukherjee, and even introduces regional favourites like kohl while investing in domestic startups. L’Oréal and AmorePacific, too, are aligning their offerings with India’s evolving beauty preferences.
Meanwhile, domestic brands like Forest Essentials and Kama Ayurveda account for under 10% of luxury beauty sales, lacking the marketing muscle of their international counterparts. Retail enablers such as Nykaa, Amazon, and Shoppers Stop are accelerating this luxury beauty boom through expanded offerings and store presence.
