In India, women are at the forefront of the beauty industry, driving new methods and trends. Many business women have successfully launched and currently operate their businesses including hair and nail salons, spas, and beauty cosmetics brands contributing to the empowerment of women and country’s GDP. Women's entrepreneurship in the beauty industry has played a significant role in driving innovation, promoting diversity and inclusivity, and contributing to the overall growth of the industry. According to a report by Grand View Research, The global beauty and personal care products market size was estimated at USD 557.24 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2030.
In the year 2024, the revenue in the cosmetic market in India itself is estimated to reach USD 6.45 billion, Statista (a German data and visualization firm) reports.
Ahead of the International Women's Day, 2024 let's have a look at the journeys and success stories of the Indian women entrepreneurs who have redefined and revived the trend by introducing Ayurvedic and Indian ancient ingredients.
1) Mira Kulkarni, Founder- Forest Essentials
Mira Kulkarni, the founder of Forest Essentials, began her journey with just INR 2 lakh and two employees, but her brand has now expanded to over 130 outlets in India and abroad with a prestigious clientele including top hotels like Taj and Hyatt, along with nearly 150 spas. This success has generated impressive revenues, with the company generating Rs 210 crore in FY21 during the corona pandemic. Mira's achievements extend beyond business, as she was recognized as one of India's wealthiest women, with a net worth of Rs 1,290 crore, earning the Kotak Wealth Hurun – Leading Wealthy Women 2020 award.
Currently, her son Samarth Bedi serves as a managing director of the company.
Her brand, Forest Essentials embodies authentic luxury Ayurvedic skincare, deeply rooted in the ancient science of Ayurveda. As a pioneer in the luxury Ayurvedic segment, the brand has become synonymous with Indian beauty, offering customers the opportunity to experience the secrets of ancient Ayurveda through painstaking research. Mira's background in Fine Arts and her early exposure to Ayurvedic practices in the Tehri Garhwal region of Uttaranchal have greatly influenced her journey, shaping Forest Essentials into a brand that combines tradition with modernity to cater to the needs of contemporary consumers.
2) Vineeta Singh, Co-founder of Sugar Cosmetics
Vineeta Singh, a graduate of IIT Madras and IIM Ahmedabad, turned down a high-paying job in a bank firm to follow her business In 2005 she co-founded the sugar cosmetics, an indian brand that offers makeup products globally. Inspired by independent women, the brand aims to break stereotypes. Despite initial challenges, Vineeta persevered, starting her e-commerce venture in 2012. Despite facing rejection due to lack of experience, she sustained herself on a modest income. Finally, in 2015, Sugar Cosmetics became a reality. The brand's flagship products include the Ace of Face foundation stick and long-lasting lipsticks.
3) Falguni Nayar, Founder - Nykaa
Falguni Nayar, the founder and CEO of Nykaa, transitioned from a successful career in investment banking to entrepreneurship at the age of 50. Leaving her position as managing director at Kotak Mahindra Bank, she chose her passion for beauty and wellness and started Nyka in 2012, offering a wide range of products on its e-commerce platforms. Despite initial challenges, Nayar's determination and vision propelled Nykaa to become India's leading beauty destination. Her journey inspires women and entrepreneurs across the country, showcasing that it's never too late to pursue one's dreams. Nayar's risk-taking and dedication have earned her recognition, including a place on Forbes India's list of self-made women billionaires. Her story exemplifies the proverb "Better late than never," underscoring the importance of perseverance and passion in achieving success.
4) Prasanthy Gurugubelli, Founder - Daughter Earth
Prasanthy, founder of Daughter Earth, embarked on her entrepreneurial journey after pursuing an MBA at the Indian School of Business. She is also an alumna of National Institute of Technology, Warangal. With a background in business strategy and experience advising Fortune 500 companies, she delved into skincare and advanced biotech. Inspired by a passion for conscious living and armed with insights from Vipassana meditation, she envisioned Daughter earth as a fusion of cutting-edge technology and Ayurvedic wisdom. Determined to fill the gap in the beauty industry, Prasanthy prioritized R&D to develop clean, planet-friendly formulations. Her brand's ethos revolves around kindness, conscious living, and efficacy, striving to cater to individuals with sensitive skin like herself. Through Daughter Earth, Prasanthy aims to redefine beauty by offering purpose-led products that embody her values of sustainability and innovation.
5) Rubeina Karachiwalla, Founder - Ruby’s Organic
Rubeina Karachiwalla is the founder of Ruby’s Organics, a brand dedicated to providing clean and green makeup products for Indian skin tones and textures. With a background in PR and a passion for the beauty industry, she embarked on this journey to fill the gap for healthy makeup alternatives in India. After completing a certified makeup course and developing the business plan, she left her successful career to devote her time and energy to building the brand. It took two years to develop the products with the help of an R&D company. Additionally, Karachiwalla spent another year focusing on brand building and educating consumers about organic beauty. Despite limited resources, she collaborated with her best friend, Sanjana Kothari, on design and packaging, opting for fun and attractive aesthetics. Today, Ruby’s Organics is at the forefront of the organic beauty movement, with a commitment to revolutionizing the way women use makeup.
