Nykaa reported Kay Beauty generated ₹380 crore (₹3.8 billion) in gross merchandise value in the fiscal year ended Mar. 31, as the brand expanded its UK presence through Space NK.
Nykaa’s FY26 investor presentation said Kay Beauty’s GMV had tripled in three years. The company described the brand as the first Indian-founded beauty label represented in Space NK’s global edit of brands.
In Nov. 2025, Nykaa’s Q2 FY26 release put Kay Beauty’s annualized GMV run rate at ₹350 crore or more. Nykaa identified that figure as a yearly run rate, not a valuation.
Exchange4Media reported that UK retail availability began Sept. 3, 2025, at selected Space NK stores and online. Nykaa later said the rollout covered 13 UK locations, including Space NK sites on Oxford Street in London and at Birmingham Bullring.
An Oct. 10, 2026, announcement carried by Adgully said actor Katrina Kaif attended a Diwali event at Space NK’s Oxford Circus flagship to mark the UK milestone. It said the event included a makeup demonstration featuring Kay Beauty’s “Gloss Up” look.
Kay Beauty began as a 2019 partnership between Kaif and Nykaa. Nykaa said the brand ranked among the top five makeup brands on Nykaa.com and among the top five brands in multiple Space NK stores.
Before the UK launch, Kaif told British Vogue that she thought the UK’s South Asian community might be less spoken to by some mainstream brands. On Nykaa’s Q4 FY26 call in May, co-founder Adwaita Nayar linked Kay Beauty’s traction to its price point and a market gap, saying, “There was a gap in the market.”
Nykaa said in May that it was continuing to strengthen its Space NK partnership and focus on the UK and Gulf Cooperation Council markets. CEW UK named Kay Beauty Best New Brand in its 2026 Consumer Choice Awards.
