Online beauty platform Nykaa today announced the acquisition of three beauty and wellness brands with a total investment of around Rs 50 crore.
In a regulatory filing the company said that it is acquiring 18.51 per cent in science-focused beauty brand Earth Rhythm for a consideration of Rs 41.65 crore. The transaction is expected to be completed by March 31, 2022. Earth Rhythm had revenue of Rs 18.56 crore for the FY22.
Earth Rhythm, formerly known as Soapworks India, was launched in 2015. “Nykaa’s investment in Earth Rhythm reinforces the potential of the brand and addresses a growing market for products that are committed to efficacy as well as the planet,” the company informed in an exchange filing.
Nykaa also said that it is acquiring 60 per cent stake in Nudge Welness for Rs 3.6 crore. This is part of the partnership that Nykaa has entered with D2C brand Onesto Labs to create a new category of nutraceuticals and wellness products. This partnership with Onesto Labs is one among a slew of Nykaa’s recent partnerships with homegrown D2C brands, aimed at bolstering the early-stage beauty and lifestyle ecosystem and building the next generation of brands specializing in sustainable and inclusive products.
Anchit Nayar, CEO, E-commerce Beauty, Nykaa said, “This partnership with Onesto Labs is one-of-its kind because we are now entering the ‘edible beauty’ category as we reimagine what clean and green beauty and wellness could look like in the coming years. Consumers today are getting progressively conscious about the quality of ingredients in their beauty products and their efficacy.”
Nykaa also acquired India-activewear brand Kica for Rs 4.51 crore. Having launched Nykd All Day last year, Kica will further add to its portfolio.
Kica, along with other consumer brands like Nykd, Pipa Bella, Twenty Dresses, RSVP, Gajra Gang, IYKYK, and Likha, is an integral part of Nykaa Fashion’s market expansion this year.