Nykaa E-Retail, a multi-brand cosmetic, and fashion e-commerce platform has leased over 55,000 sq ft of office space at Marathon Futurex in Mumbai. The company will be paying rentals of Rs 69 lakhs per month, taking its total payout to Rs 41.40 crore excluding the rental escalation. The agreement includes a clause to escalate lease rentals by 15% after the first 36 months.
The lease has set a three-year lock-in period for Nykaa while the developer Marathon Realty is not allowed to terminate the agreement before the end of the tenure. The lease tenure commences in August 2022 and ends in July. The commercial towers also house the French Cosmetics Multinational L’Oréal’s corporate office. Nykaa has paid a security deposit worth Rs 1.72 crore for the office space on the second, third, and 27th floors of Tower A-Wing.
As a part of the deal, the company will get exclusive access to 24 car parking slots in the complex. Last November the online marketplace for beauty and wellness products raised over $ 700 mn at a valuation of $ 13 bn.
