Key Points

The Swiss CEO met Commerce Minister Piyush Goyal, who is on a two-day Switzerland visit.

"It was a wonderful meeting...we do high-end cosmetics, we sell high-end skincare made in Switzerland, and the idea is how could we enter India," he told ANI.

"It's a wonderful country in terms of size and the population is humongous...We have the pleasure to serve the Indian customers in Singapore, in London or in Switzerland, but not yet in India, and it's time for us to enter," he added.

"So we were discussing about the possibilities when it comes to distribution," he further said.

During the meeting, they talked of possibility of collaborating with Nykaa.

"That's a wonderful platform that (and) we are very interested in," the CEO, said, referring to Nykaa.

He said minister Piyush Goyal suggested the Swiss company to think about co-packing initially, and produce in India at a later stage.

"The first step would be to enter India through a partner, so Nykaa could be one, that's kind of distribution partnership where we are help take I would say the understanding and the knowledge of the market and trying to adapt a business proposition to the Indian market," he explained.

And then in the second stage, we will find the right places to do this copacking and maybe manufacturing.

An India trip is being organised for Swiss companies in September, the CEO said.

"A lot of Swiss colleagues will come along the way and we'll find out what are the best locations for us to implement," he said. "It's a wonderful investment destination. I mean that's the size of the market, but also the appetite for luxury goods as well is extremely strong. It's a very young and dynamic population, very educated as well, so it clicks, all I would say the right boxes for manufacturing and selling high-end cosmetics," he concluded.

Union Minister of Commerce and Industry Piyush Goyal, commenced his official visit to Switzerland on Monday, as part of his ongoing visit to Switzerland and Sweden from 9-13 June 2025.

"This visit underscores India's steadfast commitment to deepening strategic and economic partnerships with key European nations, advancing robust trade and investment ties, and supporting a shared vision for resilient global growth," his ministry said in a statement.

The visit commenced in Switzerland today, where the Minister engaged with global CEOs and prominent industry leaders to explore opportunities for strengthening bilateral trade and investment.

The itinerary includes focused sectoral meetings with prominent Swiss industry leaders in areas such as Pharma and Life Sciences, and Precision Engineering/Machine Tools/High-tech Manufacturing.

The Minister will also connect with the ICAI Zurich Chapter and interact with Indian media. A significant highlight will be meeting with Federal Councillor Guy Parmelin fostering strong trade and diplomatic ties.

"A significant component of the high-level visit to Switzerland will include a series of one-on-one meetings with leading Swiss companies. Indian industry representatives will also participate in these crucial engagements, fostering direct dialogue and exploring specific collaboration opportunities. The day will also feature participation in the Swissmem Industry Day and a Business Round Table with the Swiss Mechanical and Electrical (MEM) Industry, where deliberations will focus on the potential and opportunities arising from the India-EFTA Trade and Economic Partnership Agreement (TEPA)," the commerce ministry statement said.

- ANI