International beauty giant The Estée Lauder Companies (ELC), home to iconic brands like MAC and Clinique, is strategically positioning India as a global center for beauty innovation through a groundbreaking new initiative. The company has partnered with Startup India, under the Ministry of Commerce and Industry, to actively engage local entrepreneurs and burgeoning start-ups within the dynamic Indian beauty and personal care sector.
Stéphanie de La Faverie, President and CEO of ELC stated, “We are proud to be the first international beauty company to collaborate with Startup India to reimagine the future of beauty by developing the next generation of entrepreneurs – particularly women, who have been the bedrock of our business for so long.” She emphasized India’s rapidly evolving beauty landscape and thriving tech-driven ecosystem as key drivers for this strategic focus on innovation.
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This collaboration builds upon the success of ELC’s existing incubator program, Beauty & You, launched in 2022 in partnership with Indian retailer Nykaa. The initiative has already garnered significant traction, receiving over 1,500 applications from more than 150 cities and providing crucial grants, mentorship, and industry access to emerging beauty brands, predominantly founded by women. Inspired by this enthusiastic response, ELC is amplifying its commitment to fostering female entrepreneurship in the region.
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The Beauty & You program has already identified promising ventures, with four standout firms – science-based skincare company SkinInspired, body care innovator Not Just Vanilla, clinically proven hair growth solution Amright, and online marketplace Journey of Objects – being named winners in November 2024. Past successes include Biome Laboratories, Call of the Valley, and C16 Biosciences.
