Nykaa raises stake in personal care brand Earth Rhythm
The company confirmed it has raised its stake in Earth Rhythm by about 25%. The new shares have now been officially transferred to the company.
Nykaa, the beauty and fashion e-commerce platform, has increased its ownership stake in personal care brand Earth Rhythm by approximately 25%, according to a recent filing. The company acquired an 18.51% stake in Earth Rhythm back in April 2022, and the latest move follows an earlier board approval in May. Earth Rhythm, founded in 2015 by Harini Sivakumar, Sivakumar Varadarajan, and Arun Kumar, is an internet-first brand offering organic beauty products in skincare, haircare, and makeup.
The acquisition does not disclose the deal cost or the total ownership share Nykaa now holds in Earth Rhythm. This strategic investment aligns with Nykaa's expansion strategy in India's online retail market, with the company acquiring smaller beauty and wellness brands, such as the 51% stake in skincare brand Aminu for Rs 32 crore in August.
In the June quarter, Nykaa reported a net profit of Rs 80 crore, up from Rs 24 crore a year ago, with operating revenue rising 29% year-on-year to Rs 2,782 crore.
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