PNN
New Delhi [India], June 8: The Estee Lauder Companies (NYSE: EL) ("ELC") is excited to announce the second edition of BEAUTY&YOU. Created by ELC's New Incubation Ventures ("NIV") and launched in partnership with India's preferred beauty and lifestyle retailer, NYKAA, BEAUTY&YOU aims to continue its mission to discover, spotlight and propel the next generation of Indian beauty brands. The program supports India-focused companies, entrepreneurs, innovators, and creators through a competitive application process that will be open to prospective applicants on June 7, 2023, through August 5, 2023, via www.beautyandyouawards.com. Winners will be announced on November 2, 2023, at a live event in Mumbai.
The 2022 debut of the program witnessed stellar response from new and emerging brands. With over 300 entries across 50 Indian cities, the application pool included a multitude of beauty brands across categories - skin care, hair care, fragrance and color cosmetics. For more details on the 2022 winners, please visit https://beautyandyouawards.com/2022-winners.
"With a higher degree of consumer awareness than ever and an influx of options unlike anything that the market has seen, India represents an exciting opportunity for the global beauty ecosystem. Building on the success of last year's program, we expanded the scope and scale by increasing the award categories to invite a broader group of founders, creators and innovators to join us. In addition, we commissioned a study to spotlight the biggest trends and most interesting insights to help entrepreneurs innovate for the future," said Shana Randhava, Senior Vice President, New Incubation Ventures, ELC.
Entitled "Decoding the India Beauty Landscape," the report developed by BEAUTY&YOU in partnership with 1Lattice - a New Delhi-based, tech-enabled business research and analytics firm - focuses primarily on various factors affecting consumer purchase behavior including concerns, motives, pain points, and accessibility. These insights, along with the resources that BEAUTY&YOU will offer, will help prospective applicants and award recipients craft winning strategies for their brands.
"Having played a critical role in building India's beauty landscape over the last decade, we are excited to discover and enable homegrown brands to scale and realize their full potential by sharing our knowledge and distinct retail expertise. NYKAA and The Estee Lauder Companies were born out of an entrepreneurial vision. The opportunity to give back to the vibrant Indian entrepreneurial ecosystem makes BEAUTY&YOU a truly special program," said Anchit Nayar, Executive Director & CEO, NYKAA Beauty.
The 2023 program introduces two new awards to broaden the reach of the initiative. Scientists and labs, photographers, and filmmakers, key members of the beauty ecosystem, are invited to apply alongside beauty company founders.
2023 Prize Program
The following prizes are open to founders, companies, and creatives meeting specific application criteria available: www.beautyandyouawards.com/application-criteria. The awards will be presented across categories in Skin Care, Makeup, Hair Care, Personal Fragrance, and Home Fragrance:
* IMAGINE: Pre-launch beauty concepts
* GROW: In-market beauty concepts
* BREAKTHROUGH: Innovation in active ingredients that address key issue areas for the Indian consumer
* CREATE: The next generation of creative talent (e.g., photographers, filmmakers etc.) submitting work around the theme of 'Experiential Beauty in India'
In addition, the program will have two Jury Prizes awarded to the brand with the most community support and the brand demonstrating the most innovative Corporate Social Responsibility (CSR) programming.
Among other resources, BEAUTY&YOU provides award recipients with financial support (prize pool up to 4 Crore or USD 500,000), distribution access, mentorship, and access to research and innovation resources.
"The BEAUTY&YOU Awards have been a game-changer for Skinvest, and the ongoing support and guidance we receive from the ELC and NYKAA teams [has] been instrumental in our growth," said 2022 GROW Prize winner and Skinvest Founder Divya Malpani. "The program has not only accelerated our success but also allowed us to learn from industry gurus, connect with fellow leading founders, and strengthen our vision for the future. I am immensely grateful to ELC and NYKAA for establishing BEAUTY&YOU in India."
The BEAUTY&YOU website and application portal go live June 7, 2023, and will accept applications until August 5, 2023, 11:59 PM IST. Full program details are available at www.beautyandyouawards.com.
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