Celebrity-founded cosmetics brand Kay Beauty, co-created by Katrina Kaif in partnership with Nykaa, has reported a 50% year-on-year jump in revenue, reaching ₹132.4 crore in FY25.
The performance marks a significant leap from ₹88.3 crore in FY24, underscoring the growing strength of celebrity-led beauty brands in India’s competitive cosmetics market.
Investing for Scale
Financial filings with the Registrar of Companies show that Kay Beauty sharply increased spending to support its rapid expansion. Total expenses rose 60% to ₹117.6 crore during the fiscal year, outpacing revenue growth as the brand prioritised scale and international expansion.
Marketing and advertising outlays doubled to ₹16.6 crore, reflecting intensified efforts to sustain brand visibility in the crowded “clean beauty” segment. Beauty advisor expenses climbed to ₹13.2 crore, signalling a continued focus on omnichannel retail and in-store engagement.
Employee benefit costs more than doubled to ₹7.5 crore as the team expanded to support growing operations, while cost of goods sold rose to ₹40.8 crore in line with higher sales volumes.
Despite the revenue surge, net profit edged down slightly to ₹11 crore from ₹11.3 crore a year earlier. The company spent ₹0.89 to earn every rupee in FY25, compared with ₹0.83 in FY24—indicating a strategic tilt toward market share acquisition over short-term margin expansion.
Expanding Beyond India
Founded in 2019, Kay Beauty has steadily transitioned from a domestic favourite to a global aspirant. Its vegan, cruelty-free formulations infused with skincare ingredients have gained traction internationally.
In 2025, the brand entered the United Kingdom, launching at premium beauty retailer Space NK—becoming the first Indian-founded beauty label to secure placement at the luxury chain. It has also expanded into the UAE through Nysaa, Nykaa’s international retail arm, strengthening its presence in the GCC market.
Domestically, Kay Beauty continues to leverage Nykaa’s extensive distribution network, alongside ecommerce platforms and physical retail outlets.
Strong Partnership Model
The brand operates under a strategic celebrity-corporate alliance. Nykaa (FSN E-Commerce Ventures) holds a 50.99% majority stake, providing retail infrastructure and distribution muscle. Katrina Kaif owns 41.5% and remains actively involved in product development and creative direction, while Matrix India Entertainment Consultants holds the remaining 7.5%.
As it enters FY26, Kay Beauty appears focused on deepening its premium positioning in Europe and the Middle East while consolidating its leadership as one of India’s most successful celebrity-led beauty brands.
