Nykaa, the Mumbai-based beauty e-tailer that aims to promote discovery-led retail, said that its board had given the go-ahead for the acquisition of Little Black Book (LBB), a lifestyle discovery platform.
Nykaa claimed that LBB’s content-first strategy works well with its goal and focuses on fashion, home, and beauty categories.
An early-year round of strategic investments in Earth Rhythm, Nudge Wellness, and Kica Active was completed by the Falguni Nayar-led Nykaa. Suchita Salwan and Dhruv Mathur founded LLB in 2012 as a lifestyle blog, with funding from Blume Ventures and Chiratae Ventures among others. Since then, LLB has raised about $8 million.
The parent company of Nykaa, FSN E-Commerce Ventures, reported a growth of 41% in total income for the three months ended June 30, 2022, at INR 1,157 crores as against Rs 822 crore in the year-ago period.
The Mumbai-based company generated a net profit after tax of INR 5 crore for the June quarter, representing a 42 per cent increase year over year. Successively, the company’s overall revenue increased by 18% while its profit fell by 25%.
Nihir Parikh, Spokesperson of Nykaa, said, “We are excited about the strong synergies we share with LBB because much like Nykaa, they have sharply focused on driving discovery and spotlighting promising homegrown brands across their channels. We welcome their like-minded leadership into the Nykaa family and look forward to helping them scale, as together we better serve our audience base.”
Suchita Salwan, Co-founder of LLB, said, “Through this partnership with Nykaa, we’re excited to scale to even greater heights. Together, we want to drive value to Nykaa and LBB’s shared goals to build discovery for India’s emerging brands through content, community, and a discovery-first approach.”