Nykaa acquires skincare brand Dot & Key
Beauty and fashion ecommerce platformon Friday announced the acquisition of the Indian skincare brand . This is the first D2C (direct to consumer) beauty brand acquired by Nykaa and following this investment by Nykaa, Dot & Key will join Nykaa’s stable of owned brands.
Founded by Kolkata-based Suyash Saraf and Anisha Saraf, Dot & Key is a new age brand focused on providing solutions to skincare concerns. It offers premium skincare 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.
Falguni Nayar, Founder and CEO, Nykaa said,
“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.”
“We created a niche brand with Dot & Key, focused on making products based on consumer needs. Our passion to differentiate ourselves has inspired us to take an unconventional angle to skincare. Nykaa’s position in the beauty landscape in India and its resources will allow Dot & Key to grow further as a brand and scale to the next level,” added Suyash Saraf, Co-founder, Dot & Key.
Ernst & Young LLP was the exclusive advisor to Dot & Key on the deal.
According to media reports, beauty startup Nykaa will launch its three-day initial public offering (IPO) on October 28 to raise up to Rs 5,200 crore through it.
The IPO dates have been fixed from October 28 to November 1, and it will involve a fresh issue of Rs 630 crore, ET reported. The company is reportedly seeking a valuation of around $7.4 billion in the IPO.