Kay Beauty, the colour cosmetics brand co-founded by Katrina Kaif and Nykaa, is entering the couture collaboration space for the first time with a limited-edition collection created in partnership with luxury fashion house Falguni Shane Peacock. The move signals a strategic shift towards premiumisation as India’s beauty brands look to deepen brand equity, improve margins and expand their global footprint.

A design-led bet on premiumisation

The collection, titled Kay Kouture, brings together Kay Beauty and Falguni Shane Peacock, combining skincare-infused makeup with high-fashion design cues. Industry watchers see the collaboration as part of a broader trend where beauty brands are borrowing from couture and luxury fashion to drive differentiation in an increasingly crowded market.

Launched as a completely new, limited-edition range, the collection features 12 matte bullet lipsticks and two multi-use face palettes. While Kay Beauty has previously focused on expanding its core portfolio across price-accessible formats, this launch positions the brand more firmly in the premium segment. Lipsticks are priced at ₹1,799, while face palettes retail at ₹2,199—above the brand’s regular pricing but aligned with its ambition to move up the value chain.

The collaboration is also notable for its design-led approach. Inspired by Art Deco and the glamour of the 1920s, the packaging incorporates metallic finishes, ornate detailing and gold accents drawn from Falguni Shane Peacock’s couture aesthetic. Within the range, two hero lipstick shades—Champagne Brocade and Mulberry Cashmere—have been positioned as inclusive offerings for lighter and deeper skin tones, reflecting the brand’s focus on broad-based consumer appeal.

Strengthening Nykaa’s private-label and global play

From a business standpoint, the launch strengthens Nykaa’s private-label strategy. Kay Beauty is one of Nykaa’s most successful owned brands, having scaled rapidly since its launch in 2019 across online channels and more than 700 offline stores. For Nykaa, collaborations of this nature help build cultural relevance and brand stickiness at a time when competition from both global beauty majors and fast-scaling Indian startups is intensifying.

“Partnering with a couture house like Falguni Shane Peacock allows us to translate high fashion into beauty in a way that is aspirational but still accessible,” said Adwaita Nayar, Co-founder of Nykaa, Executive Director and CEO of Nykaa Fashion, and head of owned brands. She added that the collaboration aligns with Nykaa’s long-term focus on building differentiated, high-equity brands rather than chasing short-term volume growth.

For Kay Beauty, the collaboration also supports its international ambitions. The collection will be sold in India through Nykaa’s platforms and KayBeauty.com, while overseas distribution includes Space NK in the UK and Nysaa in the UAE. The global rollout marks one of the brand’s widest international launches so far, underscoring its intent to position itself alongside global premium beauty labels.

Co-founder Katrina Kaif said the collection reflects the intersection of fashion and makeup, but the collaboration also has clear commercial implications. Limited-edition drops and fashion tie-ups are increasingly being used by beauty brands to create urgency, boost average selling prices and attract new consumers without expanding permanent inventory.

For Falguni Shane Peacock, the partnership represents an extension of its brand beyond couture and occasion wear into everyday consumer categories. “We have always believed that beauty and couture share a common language—they both have the power to elevate how someone feels,” add Falguni Shane Peacock. “Collaborating with Kay Beauty gave us the freedom to bring our signature aesthetic into a new form, one that people can experience every day.”

They added that the focus was on translating the label’s design codes into refined, contemporary details. “For this collection, we focused on subtle, modern elements—from the colour stories and textures to the ornate gold motifs. The goal was to create a line that feels luxurious yet effortless, a small touch of glamour that fits naturally into someone’s routine.”

As India’s beauty market continues to grow at a double-digit pace, collaborations like Kay Beauty × Falguni Shane Peacock highlight a shift in strategy—from mass expansion to premium, storytelling-led growth. For Nykaa and Kay Beauty, the bet is that couture-inspired beauty can deliver not just buzz, but sustained brand value in India and global markets.