Nykaa

And it's not just the startups.

Retailers like Nykaa have opened dedicated stores for perfumes called Nykaa Perfumery, the standalone specialty fragrance retail concept designed to offer an immersive, sensorial shopping experience for perfume lovers.

Even Estee Lauder has taken a minority stake in niche fragrance brands like Sheenu and Vairao, which tells you the big players are watching and investing in this space closely.

100% Hans, it's like mainstream retail muscle and scrappy niche founders are both moving into the same market at the same time.