India, March 26 -- Some hobbyists collect Pokemon cards and action figurines. Scrapbook girlies hoard aesthetic journals and washi tape. Smug K-pop fans show off photocards. Hipsters have vinyl record collections. Trend-chasers have stashes of themed Labubus.

Hold on to your lipgloss: Makeup enthusiasts have entered the game. They're buying cosmetics just because they're cute or limited-edition. Reels have moved on from What's In My Bag to What's On My Bag - a dangling bunny-shaped lipgloss, a sunscreen spritz, a heart-shaped mirror. "Consumers want novelty and design-focused beauty drops," says Adwaita Nayar, co-founder of Nykaa. Here's how beauty brands play the collectibles game.

Short-contact therapy

For years, competition in the b...