When Katrina Kaif launched Kay Beauty in 2019, few expected the Bollywood star’s makeup line to survive the hyper-glam but hyper-competitive world of Indian beauty.
Actor Katrina Kaif gets ready backstage during a brand campaign shoot, seen applying lip color as part of her glam routine. (Source: instagram)
Five years in, not only has the brand held its ground, it has found a seat at the top table of India’s direct-to-consumer (D2C) cosmetics players — thanks to its early tie-up with Nykaa, growing revenue, and a brand voice that has stayed remarkably consistent in a noisy market.
In 2018, Kaif quietly invested Rs. 2.04 crore into a joint venture with FSN E-Commerce (Nykaa’s parent company). By 2021, the valuation had climbed to Rs. 22 crore. The brand — positioned as inclusive, vegan, and cruelty-free — launched the following year with a simple promise: #MakeupThatKares.
While the Rs. 1,400 crore Indian cosmetics market was already crowded with legacy names and new-age disruptors like Sugar, MyGlamm, and Mamaearth, Kay Beauty leaned on Katrina’s star equity and Nykaa’s robust D2C engine to break through. The result? By Q4FY24, Kay Beauty reached an annualised GMV run rate of Rs. 150 crore. Company insiders expect revenue to touch Rs. 240 crore by FY25.
Unlike many celebrity-led brands that disappear once the gloss wears off, Kay Beauty was structured differently. Katrina wasn’t just the face — she was part-owner, co-creator, and self-proclaimed product nerd. While the origin story includes childhood memories of lipstick swatches and makeup artist sessions, the business model reflects deeper planning.
The joint venture with Nykaa gave Kay Beauty a strong backend — manufacturing, fulfillment, digital reach — while Kaif brought the consumer connect. Crucially, the brand resisted the temptation to go mass too fast. Product launches were calibrated, messaging was tight, and branding leaned on performance and care — a smart pivot from pure glamour.
Kay Beauty’s growth also coincides with the larger rise of D2C in India, especially in beauty and personal care. According to RedSeer, India’s D2C market is expected to reach $60 billion by 2027. But competition is ruthless. Kay Beauty counts over 800 active rivals, including 66 funded players. Names like The Good Glamm Group and MyGlamm have used aggressive influencer strategies and rapid product diversification to grow fast — but not always profitably.
In contrast, Kay Beauty has played it relatively slow and steady, backed by Nykaa’s distribution muscle. The brand is now eyeing wider offline expansion through Nykaa Luxe stores and other beauty retail chains — even as it continues building brand loyalty among urban millennials and Gen Z through high-frequency SKUs like lipsticks, tints, and liners.
Beyond sales, Kay Beauty also positions itself as a purpose-driven brand. It works with rural women’s collectives to promote handcrafting skills — though details on scale and outcomes remain thin. That said, its brand messaging has consistently leaned on empowerment and self-expression, often steering clear of the louder body-positivity bandwagon that many rivals have jumped on.
With a strong foothold in the makeup category, Kay Beauty now faces the challenge of scale. As newer brands emerge, international players expand their footprint, and offline retail bounces back post-COVID, Kay Beauty’s next test will be differentiation.
Can it sustain growth beyond Katrina’s halo? Will its Nykaa-first model limit flexibility or provide insulation from margin pressures? And how will it evolve as skincare starts overtaking makeup in consumer demand?
For now, Kay Beauty has proved it’s more than just a pretty face — but the real brand-building marathon may have just begun.
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