This first-ever limited-edition collection brings Art Deco glamour and couture artistry to makeup.

Katrina Kaif with models, all wearing Kay Beauty x FSP makeup

Kay Beauty, the celebrated beauty brand co-founded by actor-entrepreneur Katrina Kaif and Nykaa, India’s largest beauty and lifestyle company announces its first collaboration to date – a limited-edition collection created with India’s leading couture label, Falguni Shane Peacock. Widely regarded as one of the biggest beauty x couture collaborations of the year, this partnership brings together two iconic names known for their high-octane glamour, intricate craftsmanship and global influence. Falguni Shane Peacock (FSP) has long shaped the language of modern handcrafted luxury in India and beyond, and this collaboration unites both the brands’ shared commitment to community, artistry, heritage and elevated design, translating their signatures into collectible, wearable beauty.

FSP X Kay Beauty Face Palette

Inspired by the opulence of the Gatsby era, the Kay Beauty × FSP collection reimagines the glamour of the 1920s through a contemporary lens. Each shade is inspired by India’s rich textile heritage, from the shimmers to the velvety richness of Mulberry Cashmere and the soft radiance of Champagne Brocade. Staying true to Kay Beauty’s kare-first approach, each formula is infused with skin-loving ingredients - the luxurious matte lipsticks are enriched with Brazil Nut Oil to deeply moisturize and protect the lips, and Vegan Collagen to hydrate, smooth and plump; while the face palettes feature Vitamin C (Rosa Canina Fruit Extract) for brightening and repair, along with Ceramide-rich Glutamate (Phytosteryl/Octyldodecyl Lauroyl) to strengthen the skin barrier and deliver lasting nourishment. The packaging is equally striking, featuring FSP’s signature metallic accents, intricate Art Deco motifs and a luxurious gold finish, designed to feel like unwrapping a piece of couture. Each product is packaged to feel like unveiling a keepsake -a piece that carries the spirit, artistry and opulence of the collection in every detail.

FSP X Kay Beauty Matte Lipstick

This limited-edition launch introduces an entirely new collection created exclusively for the Kay Beauty × FSP collaboration. The range features 12 full coverage, very luxurious matte bullet lipsticks which feel super lightweight and creamy on the lips and 2 statement face palettes, each crafted with FSP’s signature design language and rooted in the richness of Indian heritage. The face palettes bring together a highlighter, bronzer, shimmer blush and matte blush, offering a complete, multi-dimensional glow in one collectible compact. At the heart of the collection are two standout shades - Champagne Brocade for lighter skin tones and Mulberry Cashmere for deeper skin tones - brought to life through Katrina Kaif’s vision and the artistry of Falguni Shane Peacock. These shades headline the collaboration, offering consumers a wearable piece that elevates everyday beauty.

FSP X Kay Beauty Matte Lipstick in Art Deco inspired cases

“The Kay Beauty × Falguni Shane Peacock collaboration is incredibly special to me,” says Katrina Kaif, co-founder of Kay Beauty, “I have long admired Falguni Shane Peacock’s work – their attention to detail, artistry, and the way they make every piece feel transformative has always inspired me. Makeup and fashion have always felt connected to me, and with this collection, I wanted to bring that vision to life - to offer our community something luxurious, wearable, and rooted in Indian design.”

“This collaboration is a celebration of craftsmanship, creativity, and self-expression,” says Katrina, “Each product reflects the artistry and thoughtfulness that both Kay Beauty and Falguni Shane Peacock stand for, and I hope it inspires people to embrace their individuality with confidence and joy.”

Adwaita Nayar, Executive Director, CEO Nykaa Fashion and Head of Owned Brands

“Kay Beauty has consistently broken norms in the beauty space through a sharp focus on performance, innovation and an intuitive understanding of what consumers are seeking today,” says Adwaita Nayar, Co-Founder of Nykaa, Executive Director and CEO, Nykaa Fashion, and Head of Owned Brands. “Known for its out-of-the-box thinking, the brand has continued to set trends by responding to cultural shifts and evolving preferences. Partnering with Falguni Shane Peacock, one of India’s most aspirational and influential couture houses, allows us to translate high fashion into beauty in a way that feels both elevated and accessible. At Nykaa, our focus has always been on building brands with strong creative intent and long-term value, and this collaboration reflects that commitment, bringing together design excellence, thoughtful formulation and storytelling to create something truly distinctive for our consumers”.

FSP X Kay Beauty palette and lipstick available on Nykaa

“We have always believed that beauty and couture share a common language - they both have the power to elevate how someone feels,” say Falguni Shane Peacock. “Collaborating with Kay Beauty gave us the freedom to bring our signature aesthetic into a new form, one that people can experience every day. For this collection, we focused on translating our design codes into subtle, modern details - from the colour stories to the textures to the ornate gold motifs. The goal was to create a line that feels luxurious yet effortless, a small touch of glamour that fits naturally into someone’s routine.”

Katrina Kaif and a model for the beauty campaign

This collaboration reflects a shared vision between Kay Beauty and Falguni Shane Peacock – celebrating craftsmanship and culture through makeup designed to feel like wearable art. The Kay Beauty × Falguni Shane Peacock limited-edition collection will be available as part of a global launch across key markets. In India, the collection will retail exclusively on the Nykaa website, Nykaa stores and the KayBeauty website, as well as select premium beauty partners, with the matte lipsticks priced at ₹1,799 each and the face palette at ₹2,199.

Internationally, it will be available at Space NK in the UK and at Nysaa in the UAE, marking one of Kay Beauty’s most expansive and anticipated cross-market releases to date.

There are two FSP X Kay Beauty Face Palettes, for medium and deeper skin tones