IPO-bound Omni-channel beauty and consumer-care products retailer Nykaa has acquired homegrown skincare brand Dot & Key. This is the first D2C (direct to consumer) beauty brand acquired by Nykaa, which is looking to open its IPO issue on October 28.
This deal further plays into the consolidation that the industry is seeing with well-funded high growth brands acquiring smaller niche companies to fill product gaps. “Following this investment by Nykaa, Dot & Key will join Nykaa’s stable of owned brands,” the company said in a release.
Founded by Suyash Saraf and Anisha Saraf, Dot & Key is a new-age skincare brand with products such as serums, face masks, toners and cleansers. The brand has recently expanded into nutraceuticals under the brand ‘IKWI’, whose products are dermatologically tested and cruelty free.
“We are excited to bring Dot & Key into the Nykaa family in time to serve the demand in high-quality skincare by Indian consumers. Dot & Key’s product range presents an exciting opportunity for Nykaa as it allows us to extend the brand’s reach to a larger landscape of consumers and enter the nutraceutical space as well. Dot & Key is a consumer centric brand with a growing base of consumers and a range of skincare solutions,” said Falguni Nayar, founder and CEO, Nykaa.
Ernst & Young LLP was the exclusive adviser to Dot & Key on the deal.
