The Board of Directors of FSN E-Commerce Ventures Ltd., operating under the brand name Nykaa, has approved the acquisition of up to a 18.51% interest in Earth Rhythm Private Ltd. for ₹41.65 crore, up to 60% (with a right to top up). to 100%) interest in Nudge Wellness Private Ltd. for ₹3.6 crore and final agreements entered into by Nykaa Fashion Private Ltd. (a wholly owned subsidiary of the Company) to acquire the Kica brand, including the trademark and other intellectual property rights from its owner Aneesha Labroo for ₹4.51 crore.
Earth Rhythm focuses on research-based and results-driven products and had sales of £18.56 billion in FY22. Founded by Harini Sivakumar, the company manufactures cosmetics and toiletries. The transaction is expected to close in May 2022, the company said in a filing with the stock exchange.
Anchit Nayar, CEO, E-Commerce Beauty, Nykaa said the company has partnered with Onesto Labs Private Ltd. joined forces to launch a new category of nutraceutical and wellness products under Nudge Wellness Private Ltd. to accomplish.
“This partnership with Onesto Labs is one of many of Nykaa’s most recent partnerships with domestic D2C brands that aim to strengthen the early-stage beauty and lifestyle ecosystem and build the next generation of brands focused on sustainable and… specializing in integrative products,” he said.
Onesto Labs was founded in 2018 by Rohit Chawla, Sifat Khurana and Vimal Bhola. This transaction is expected to close in June 2022. Nykaa Fashion said the acquisition of Indian activewear brand Kica would strengthen its activewear business. The transaction is expected to close in June 2022.
Falguni Nayar, Founder and CEO of Nykaa, said, “Nykaa will play a role as a powerful support engine, promoting brands’ freedom and individuality.”
“Kica, along with other consumer brands such as Nykd, Pipa Bella, Twenty Dresses, RSVP, Gajra Gang, IYKYK and Likha, is an integral part of Nykaa Fashion’s market expansion this year,” the company said.
