Business & Finance

Nykaa Signs Deal With Apparel Group To Intensify West Asia Ops

Nykaa

In India, Nykaa has 112 retail stores (as of June 30, 2022), catering to nearly 28,000 pincodes and offering over 4,500 brands across platforms.

New Delhi: Beauty and fashion retailer Nykaa announced it has entered into an agreement to form a joint venture with Apparel Group, the largest lifestyle retail conglomerate in West Asia, to enter the Gulf Cooperation Council (GCC) market across the Kingdom of Bahrain, Kuwait, Sultanate of Oman, Qatar, Kingdom of Saudi Arabia and the UAE.

The JV will create a new omnichannel entity in West Asia, which will be focused on beauty brands. Nykaa will have 55 per cent stake and the balance will be held by Apparel. For the time being, the announcement didn’t reveal the exact investment size or any revenue-sharing plans. The deal is estimated to be closed by March 31, 2023.

“To us, the investment is not the main thing, the market, its potential and what we can do in those markets and the revenue potential is what we should get excited about,” said Falguni Nayar, founder and chief executive officer of Nykaa during the announcement.

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In India, Nykaa has 112 retail stores (as of June 30, 2022), catering to nearly 28,000 pincodes and offering over 4,500 brands across platforms.

With this pact, the beauty and fashion retailer aims to leverage Apparel’s wide network of offline retail stores of about 2,000 across 14 countries that offer around 75 brands. Apparel Group, founded by Sima Ved in 1996, is an omnichannel retailer in West Asia based out of the UAE.

Apparel Group founder & chairperson Sima Ved said, “Our omnichannel approach, which includes the first-ever physical store in the GCC region, has made us the partner of choice for a large plethora of brands. This alliance is going to be a new chapter in our expansion journey as we look forward to leveraging each other’s strengths and offering a unique value proposition to our consumers in the GCC region.”

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed).

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Gyanvapi Mosque Case: Varanasi Court Verdict Likely Today On ‘Shivling’ Carbon Dating

ANI
Gyanvapi

The second in connection with the case demanding to hand over the ‘Shivling’ site found in Gyanvapi to the Hindus. Hearing on both applications is to be held in the court of Senior Civil Judge Kumudlata Tripathi today.

Varanasi: The Varanasi court is likely to pronounce its verdict on Friday in connection with the plea filed by the Hindu side seeking carbon dating of the structure they claimed to be a ‘Shivling’ found inside the Gyanvapi Mosque.

The court had reserved the order in the Gyanvapi Mosque-Shringar Gauri case on September 29 after hearing both sides’ arguments. The bench of Varanasi District Judge Ajay Krishna Vishwesh will deliver the order. The Hindu side had claimed that a ‘Shivling’ was found in the premises near the ‘wazukhana’ during the videography survey of the mosque premises, which was ordered by the court. However, the Muslim side said that the structure found was a ‘fountain’. The Hindu side had then submitted an application on September 22 that sought a carbon dating of the object they claimed to be ‘Shivling’.
Carbon dating is a scientific process that ascertains the age of an archaeological object or archaeological finds.

Besides this case, two more cases which could not be heard on Thursday due to the holiday will be heard today. First, pertaining to the demand from the court to worship the Shivling found in Gyanvapi, a case filed on behalf of Shankaracharya Swami Avimukteshwarananda.

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The second in connection with the case demanding to hand over the ‘Shivling’ site found in Gyanvapi to the Hindus. Hearing on both applications is to be held in the court of Senior Civil Judge Kumudlata Tripathi today.

Earlier on September 29, the Hindu side demanded a scientific investigation of the ‘Shivling’ by the Archaeological Survey of India (ASI) and the carbon dating of ‘Argha’ and the area around it.
Advocate Vishnu Jain representing the Hindu side in the Gyanvapi Masjid matter said, “The Hindu side demanded that the ASI conduct a scientific investigation of the ‘Shivling’. We have also demanded a carbon dating of Argha and the area around it”.

“Muslim side too presented its side before the Court, they said that carbon dating shouldn’t be done. They said that it’s a fountain & not a Shivling and it can’t be ascertained”, added Vishnu Jain.

The advocate further added that there is no break-up on the Hindu side, rather all the Hindus demand just one thing that the Shivalinga found should be scientifically investigated without causing any damage to it.
Earlier, an appeal had been filed in the Supreme Court challenging the order of the Allahabad High Court which had dismissed a PIL that sought the appointment of a committee/commission under a judge to study the nature of the structure found in the Gyanvapi Mosque, Varanasi.

The appeal filed by seven devotees sought direction from the Archeological Survey of India (ASI) to ascertain the nature of the structure found on the Gyanvapi campus.

The Allahabad High Court had on July 19 dismissed their plea seeking the appointment of a committee/commission headed by a judge of the High Court or supreme court (sitting/retired) to study the nature of the structure found in the Gyanvapi Mosque.

The PIL moved before the High Court seeks direction from a committee to ascertain whether a Shivalinga, as claimed by the Hindus, had been found inside the mosque or if it is a fountain as claimed by Muslims.
The appeal in the top court stated that the Allahabad High Court had erred in dismissing the plea.
On May 20, the Supreme Court ordered the transfer of the case related to worship at Gyanvapi mosque from the civil judge to the District Judge, Varanasi.

Earlier on September 12, the Varanasi Court had dismissed a plea of Anjuman Islamia Masjid committee challenging the maintainability of the suit filed by five Hindu women seeking worshipping rights in the Gyanvapi mosque compound.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed).

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