Niloni Shah, Founder The Pink Foundry, shares how the company is building a differentiated skincare business for the long term
India’s skincare market has become one of the fastest-growing segments in the beauty industry, driven by ingredient-conscious consumers, rising premiumisation and increasing demand for science-backed formulations. Amid intense competition from both legacy and digital-first brands, The Pink Foundry has carved out a niche by leveraging its pharmaceutical heritage, developing every formulation in-house and focusing on efficacy over speed.
In an interaction with BW Retail World, Niloni Shah, Head of Brand, The Pink Foundry, discusses the brand’s growth journey, changing consumer preferences, innovation strategy and long-term expansion plans.
The Pink Foundry has positioned itself at the intersection of skincare, science and consumer beauty. How has the brand evolved since its launch, and what milestones have defined its journey?
We’ve moved through three distinct phases over the past five years. The first was proving our pharma-grade thesis with a focused product range built on over 28 years of pharmaceutical expertise. The second involved expanding into a broader skincare portfolio once consumers began trusting our formulation approach. Today, we’re scaling the organisation and the systems needed to maintain that same level of scientific rigour at a much larger scale.
One thing has remained constant throughout our journey. Every product is manufactured in-house at our USFDA-registered parent facility, passes through more than 30 quality checkpoints and is specifically formulated for Indian skin and climate.
We’ve consciously chosen not to white-label products or launch formulations simply because they’re trending. Everything is developed from scratch in-house. It may be slower, but every product must have a clear reason to exist and deliver meaningful value to consumers.
India’s skincare market has become increasingly crowded. How does The Pink Foundry differentiate itself from both D2C and established beauty brands?
Many brands rely on contract manufacturers who already have base formulations ready, allowing them to launch products quickly. Our approach is fundamentally different.
We’re backed by over 28 years of pharmaceutical expertise through Encube Pharmaceuticals. Every formulation is developed from scratch by our own R&D teams and manufactured in-house. It’s quite rare for research, formulation and commercial manufacturing to all happen within the same organisation.
This enables us to create clinically potent yet gentle formulations designed specifically for Indian skin and climate. We’ve introduced innovations such as India’s first Melt-to-Foam Cleansing Balm and our 1 per cent Pure Ceramide Barrier Repair & Restore Moisturiser. Rather than launching ‘me-too’ products, we focus on solving genuine consumer problems through science-led innovation.
Consumers are becoming increasingly ingredient-conscious. What behavioural shifts are you seeing, and which categories will drive future growth?
Consumers today are far more informed than they were a few years ago. Ingredient literacy has increased significantly, with people actively researching actives, concentrations and formulations before making purchase decisions.
Skincare is also becoming more preventive than reactive. Consumers are investing in barrier health, hydration and daily sun protection rather than only treating skin concerns after they appear.
We’re also seeing demand shift towards multifunctional products that suit Indian climatic conditions instead of lengthy multi-step routines.
In terms of categories, sunscreen continues to be one of the fastest-growing segments as daily usage becomes more common. Barrier repair has also become mainstream, while targeted active ingredients are increasingly driving purchase decisions. Consumers are now shopping based on ingredient concentrations rather than simply choosing familiar brand names.
How has your pharmaceutical foundation influenced product development and your positioning in the premium skincare segment?
Our pharmaceutical heritage shapes everything we do. We leverage decades of expertise in topical formulations to create clinically aligned, high-efficacy skincare products.
All our products are manufactured at a USFDA-compliant pharmaceutical facility under stringent quality and stability standards. There is absolutely no compromise on quality.
This pharmaceutical foundation allows us to offer premium, science-driven skincare that consumers can trust and differentiates us from brands that are largely driven by beauty trends.
Looking ahead, what are The Pink Foundry’s strategic priorities over the next three to five years?
Our philosophy has always been to build a brand that’s built to last, not built to sell.
Our focus will remain on strengthening leadership in acne care, pigmentation, barrier repair, hydration and sun care through meaningful innovation. We’ll continue investing heavily in formulation science and our in-house pharmaceutical capabilities while maintaining the quality standards that define the brand.
Although this may slow our new product development compared with competitors, we believe it is the right long-term approach.
We’re also planning thoughtful expansion into complementary skincare categories, strengthening our D2C and marketplace businesses and exploring international opportunities while continuing to build direct relationships with consumers.
Finally, the name ‘The Pink Foundry’ is quite distinctive. What’s the story behind it?
Many people assume the name refers to the colour pink as a feminine identity, but that’s not the case.
‘Pink’ represents the phrase “the pink of health”, symbolising healthy skin, while ‘Foundry’ reflects our pharmaceutical expertise and scientific foundation. It’s where we create efficacious skincare solutions backed by research and formulation science.
The name reflects our core purpose—to combine scientific expertise with skincare solutions that help consumers achieve healthier skin.
