06.07.23
Created by Estee Lauder Companies' New Incubation Ventures (NIV), in partnership with Indian e-commerce company Nykaa, ELC's Beauty & You program has been expanded this year to include new prize categories.
The beauty giant has also released a new report entitled that offers key insights for the Indian beauty market.
The beauty giant has also released a new report entitled that offers key insights for the Indian beauty market.
The 2022 debut of the program witnessed a substantial 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.
“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,” said Shana Randhava, senior vice president, New Incubation Ventures, ELC. “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.”
Entitled “Decoding the India Beauty Landscape,” the new report was developed by Beauty & You in partnership with 1Lattice, a New Delhi-based, tech-enabled business research and analytics firm. The report focuses 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, said ELC.
The 2023 program introduces two new awards to broaden the reach of the initiative. Scientists and labs, photographers, filmmakers and 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 here (www.beautyandyouawards.com/application-criteria). The following 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; and
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.
Beauty & You provides award recipients with financial support (prize pool up to $500K), 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.”
The application process is open to prospective applicants from June 7 through August 5, via www.beautyandyouawards.com. Winners will be announced on November 2 at a live event in Mumbai.