Nykaa Boosts Stake In Dot & Key To 90%, Acquires Majority In Earth Rhythm
These strategic moves position Nykaa to further dominate India's rapidly growing beauty market
Nykaa, India’s beauty and fashion retailer, has strengthened its foothold in the beauty industry by increasing its stake in Dot & Key to 90 per cent and acquiring a majority share in Earth Rhythm.
Dot & Key, known for its fruit-forward skincare products, has been a success story since Nykaa's initial investment in 2021. With a Rs. 265 crore infusion, Nykaa now holds a 90 per cent stake, signaling strong confidence in the brand’s potential.
"We are thrilled to expand our partnership with Dot & Key," said Adwaita Nayar, Co-founder of Nykaa. "The Dot & Key success story is a testament to the collective strength of our partnership."
Simultaneously, Nykaa has acquired a majority stake in Earth Rhythm, a clean beauty brand founded in 2019.
"Earth Rhythm represents an exciting addition to our portfolio," Nayar added, emphasising the brand's commitment to sustainability.
Harini Sivakumar, Founder of Earth Rhythm, expressed excitement about the partnership, stating, "Nykaa’s comprehensive platform will allow us to grow profitably and continue to innovate."
These strategic moves position Nykaa to further dominate India's rapidly growing beauty market, leveraging its omnichannel distribution and marketing prowess.
