Summary:

The India-UK free trade deal (FTA), which reduces import barriers, is expected to benefit India's cosmetics industry, valued at Rs. 1,71,860 crore (US$ 20 billion). This will make UK beauty products more affordable. In 2024, India imported Rs. 296 crore (US$ 34.4 million) worth of cosmetics from the United Kingdom. Companies like The Body Shop, Clinique, MAC Cosmetics, and LVMH plan to increase imports, benefiting customers and promoting "Made in India" products.

The FTA will support retailers such as Nykaa, Reliance Tira, and Shoppers Stop, as well as ecommerce platforms like Amazon and Myntra that sell premium cosmetic items. Kindlife CEO Radhika Ghai commented that the policy will address the needs of India's 700 million young consumers. It is expected to boost global collaboration and competition, impacting premium cosmetic companies such as HUL, L'Oreal, and P&G. Myntra and Tira are expanding their offerings to include global beauty brands.

Source: IBEF 

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