CHENNAI: From Japan’s Shiseido to France’s L’Oreal, global cosmetics giants are doubling down on India, betting on the world’s most populous nation as a key growth market for premium offerings while sales slow in developed economies.
India’s luxury beauty market is expected to quintuple to US$4bil by 2035 from US$800mil in 2023, driven by its young, affluent, social-media savvy shoppers with rising disposable incomes, consulting firm Kearney and luxury beauty distributor Luxasia say.
