Nov 18: Men's Personal Care Grooming Revolution

Peter Thiel’s fund, Thiel Macro, divested its entire position in Nvidia last quarter, intensifying the is-AI-a-bubble debate. This fast follows the news that SoftBank also divested its entire ~$6B Nvidia stake last month as well. There’s serious anxiety in the Desi Dispatch team for our cumulative Rs. 10,000 investment in AI. HODLing!

Now, let’s get into the Dispatch! 🚀

Today’s reading time is 6 mins.

The Indian stock market rallied for a sixth consecutive session on Monday, defying weak global cues. The surge was driven by healthy Q2 earnings and growing optimism about an India-US trade deal, enriching investors by over ₹3 lakh crore.

For decades, India’s personal-care aisles were designed with women in mind. Men received the bare minimum—shaving creams, deodorants, and the occasional “fairness” cream wrapped in outdated stereotypes. But somewhere between the rise of Instagram, the beard-care boom, and a dramatic shift in how Indian men perceive self-care, a new consumer powerhouse has quietly emerged. And FMCG giants are racing to cash in.

A Market That Went from Niche To Next Big Thing: The men’s grooming segment, once considered too small, too functional, too boring, is now buzzing with investor interest. The tipping point came from D2C disruptors like Beardo, The Man Company, Ustraa, LetsShave, and Bombay Shaving Company. They didn’t just sell lotions and serums; they sold a new identity - groomed, confident, expressive. That shift has led to some eye-watering deals. Godrej Consumer Products recently acquired Muuchstac for around ₹450 crore. Marico snapped up Beardo. Emami increased its stake in The Man Company. VLCC bought Ustraa. Even global names like Reckitt and Colgate-Palmolive have backed Bombay Shaving Company. Put simply: the men’s grooming space is no longer fringe; it’s gold.

Changing Masculinity, Changing Consumers: The biggest catalyst - a refreshing new definition of masculinity. Indian men, especially millennials and Gen Z, no longer see skincare or grooming as vanity. It’s confidence. It’s self-expression. It’s “I deserve to look good too.” Social media amplified this shift. A single post by Zerodha co-founder Nikhil Kamath about using foot cream sparked a wave of commentary, half amused and half relieved that influencer masculinity now includes moisturizer. Brands have reacted quickly: Emami rebranded “Fair and Handsome” to “Smart and Handsome,” signalling a shift from fairness to wellness. Celebrities like Kartik Aaryan now front campaigns that normalize grooming as mainstream.

Innovation, Tailoring, And The D2C Edge: This is where D2C truly shines. Agile brands have been quick to introduce serums, beard oils, face washes for oily skin, anti-acne ranges, scar correction products - solutions far more nuanced than the simple shave-and-go routine of the past. According to Mintel, India leads the Asia-Pacific region in new men’s grooming product launches between 2017 and 2022. And with e-commerce slicing through geography, demand is rising not just in metros but in Tier-2 and Tier-3 towns.

A Market With Massive Headroom: Despite India having nearly 18% of the world’s male population, it contributes only about 6% to global male-grooming revenues. That gap spells opportunity. With rising incomes, digital influence, changing social norms, and FMCG consolidation, men's grooming in India is poised to become one of the fastest-growing consumer categories of the decade.

India-US Trade Deal Nears First Finish Line: India and the United States are on the verge of finalising the first phase of their bilateral trade agreement, focused primarily on resolving tariff issues and market-access barriers. The deal is seen as a strategic move to deepen economic ties and potentially unlock further cooperation beyond conventional trade goods. Negotiators emphasise that the initial package will pave the way for broader discussions on investment and regulatory alignment.

Grant Thornton India Unit Explores Big Move: Grant Thornton Bharat is reportedly evaluating a significant strategic shift - either a minority stake sale or a merger for its Indian operations - with valuations targeted above US$2 billion. The firm’s move aligns with broader ambitions to build domestic consulting / auditing champions that can stand alongside global leaders. Preliminary talks are underway with major private-equity backers such as New Mountain Capital and Cinven.

India Ships First Jet-Fuel Cargo To US-West Coast: India has exported its first ever jet-fuel shipment to the US West Coast, loading roughly 60,000 metric tons out of the Jamnagar refinery to meet a supply shortfall triggered by a refinery fire in California. While the move signals India’s growing role in energy-exports, trade experts caution that high shipping costs may limit frequent recurrence of such shipments from India.

India’s Q2 Growth Seen At ~7.3%: A poll of 12 economists projects India’s GDP growth in Q2 to be around 7.3 %, boosted by strong rural demand, elevated government capital expenditure and early export traction. Official numbers are awaited from the National Statistical Office (NSO) on November 28, while the Reserve Bank of India (RBI) had earlier estimated 7 % growth.

Reliance Retail Brings Europe’s ‘essence’ Brand To India: Reliance Retail has secured an exclusive distribution partnership with Germany-based essence (owned by Cosnova Beauty) to launch the cosmetics brand in India, aiming to deepen its beauty portfolio. The brand is known for affordable, cruelty-free makeup products and will be available across online and physical channels. 

US Tariff Exemption Offers $1 B Boost To India’s Farm Exports: The US has granted tariff exemptions on around 250 food and agriculture items, covering roughly $1 billion worth of Indian farm exports, according to the Ministry of Commerce & Industry. Exporters of spices, tea, nuts, fruits and processed food may gain competitive advantage under the relief.

India’s Merchandise Exports Drop To $34.38 B In October: India’s merchandise exports slid to $34.38 billion in October, while imports surged, driving the trade deficit to a record ~$41.68 billion, largely due to ballooning gold and crude oil imports and softer exports to the US. Exporters are facing headwinds from higher global tariffs and demand softness.

The idea that the US has morphed into a giant casino is gaining traction, especially as markets and consumers increasingly behave as if they’re placing bets rather than making rational financial choices. With speculative investments booming and risk-taking becoming mainstream, the economy does appear to carry a distinct “casino” energy. But the reality, as experts argue, is far more nuanced.

Why It Feels Like A Casino: From AI-linked stocks to cryptocurrencies and meme-driven trades, the appetite for risky assets has surged. Years of low interest rates and easy money encouraged individuals to chase high returns, while the explosion of sports betting and online trading platforms has made gambling-like behaviour more accessible than ever. Social media only intensifies this, glamorising quick wins and turning speculation into entertainment. These trends create an impression that Americans are betting their way through financial decisions, often without understanding the underlying risks.

Why It’s Not Entirely A Casino: Despite the noise, the fundamentals of the US economy remain more sound than the metaphor suggests. Households are generally wealthier, and social-safety nets - from unemployment insurance to retirement accounts - provide a level of protection that cushions economic shocks. Moreover, risk aversion still persists in critical areas of life: fewer Americans are buying homes, switching jobs, or starting families, showing they are not reckless across the board. The real issue is a misalignment in risk-taking. Traditional, productive life risks have become too expensive, pushing people toward financial risks that are easier to access but far more volatile.

Who Gets Hurt? A correction or market crash is possible, especially with so many inexperienced investors participating. While the US is better equipped to absorb downturns, the question remains: will the riskiest gamblers - often young, underprepared, and influenced by hype - be the most exposed? The US may not be a full-fledged casino economy, but the lines between investing, gambling, and entertainment are blurring faster than ever.

Ukraine Eyes 100 Rafales From France: Ukraine has signed a letter of intent with France to acquire up to 100 Dassault Rafale fighter jets, along with SAMP/T air-defence systems, drones, and guided bombs. The deal, described by President Zelenskyy as “historic,” aims to boost Kyiv’s long-term aerial strength. Financing remains uncertain but may involve EU funds and frozen Russian assets.

Microsoft Warns Against Superintelligent AI: Microsoft’s AI lead, Mustafa Suleyman, cautioned that artificial superintelligence could be too powerful to safely control and should be considered an “anti-goal” rather than a target. He argues instead for a “humanist superintelligence” that aligns with human values and purpose, not one that mimics consciousness.

Nvidia Sees $500B AI-Chip Boom: Nvidia CEO Jensen Huang stunned investors by revealing that the company has secured around $500 billion in orders for its Blackwell and upcoming Rubin AI chips, projecting visibility into that scale through 2026. This bullish outlook comes ahead of its Q3 earnings, likely to fuel optimism around its AI infrastructure dominance.

Emirates Places $38B Bet On Boeing: At the Dubai Airshow, Emirates announced a landmark order for 65 Boeing 777-9 jets, valued at $38 billion, signaling long-term confidence in Boeing’s 777X program. The deal includes 130 GE9X engines, and Emirates plans deliveries starting in Q2 2027.

AI Surge Strains Memory-Chip Supply: The global AI boom is pushing up demand for memory chips, especially as data centers gobble up supply, causing major players like Samsung to hike DDR5 and DRAM prices by up to 60 %. Industry insiders warn that this memory crunch could constrain production for cars and smartphones in 2026.

Bangladesh Seeks India’s Handover Of Hasina: Bangladesh has formally asked India to hand over former PM Sheikh Hasina and former minister Asaduzzaman Khan Kamal following their death sentences over a student-crackdown case that reportedly killed 1,400 people. India’s foreign ministry has only said it will “engage constructively with all stakeholders” and has not yet committed to extradition.

Over 40 Indian Pilgrims Feared Dead In Saudi Bus Crash: A tragic bus accident in Saudi Arabia has left more than 40 Indian Umrah pilgrims feared dead, with only one survivor found so far. Authorities in Telangana have set up a control room to assist families and coordinate information flow. The incident has triggered diplomatic engagement as officials work to verify identities and manage the aftermath of the crash.

THAT’S ALL FOR TODAY!

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