New Delhi, March 29 -- India's beauty market is getting too crowded-that's a line one hears often. New homegrown brands emerge almost every month while more international names announce their entry. Guillaume Motte thinks otherwise. "India isn't saturated at all," says the global CEO-president of French multinational beauty retailer Sephora when we meet at Mumbai's Bay Club. "It's in a very early stage and it's a unique market."

He explains what he means by unique.

"India has a combination of very high growth potential, a very high young population, and it's very receptive to make-up. Some markets are only about skincare, some about fragrances. Here, make-up is, in a lot of ways, part of the culture... the eyes, the lips."

Sephora is k...