Nykaa acquires 51% of Aminu Wellness, teams with L’Oréal fund for startup bets
Nykaa has completed the acquisition of a 51% stake in Aminu Wellness and will co-invest with L’Oréal’s BOLD fund in Indian beauty and wellness startups, extending its presence beyond retail into brand incubation and investment.
What happened
Nykaa will co-invest with L’Oréal’s BOLD fund in Indian beauty and wellness startups and acquired 51% of Aminu Wellness. DMart opened its 515th store in
Key facts
- Nykaa completed acquisition of 51% in Aminu Wellness
- DMart opened a new Ahmedabad store, taking its total store count to 515
- Godrej family members bought a 1% stake in Godrej Consumer for over Rs 900 crore
- Lemon Tree plans a 90-room Telangana hotel and a Bandra project with Rs 120 crore land consideration
Why this matters
Nykaa’s 51% Aminu deal and partnership with L’Oréal BOLD create a strategic template for acquiring control positions in emerging brands while sharing early-stage deal flow and risk with a global beauty partner.
What to watch
- Aminu's availability expansion, SKU launches, price architecture and repeat-purchase indicators on Nykaa.
- Disclosure of investment size, governance rights, follow-on capital commitments or a formal Nykaa-BOLD fund structure.
- New Nykaa investments in early-stage beauty and wellness startups, particularly those receiving exclusive marketplace placement.
- Changes in owned-brand/house-of-brands revenue mix, gross margin and marketing spend in Nykaa financial results.
- Third-party brand reactions, including reduced assortment, increased D2C investment or demands for more neutral marketplace terms.
- Evidence that portfolio brands receive retail-media, data or offline-store advantages versus non-invested brands.
- Integrate Aminu into Nykaa's owned-brand and omnichannel operating stack while preserving its founder-led product identity.
- Expand Aminu distribution across Nykaa Beauty, Nykaa Fashion-adjacent wellness audiences, physical stores and curated offline partners.
- Launch co-investment scouting with BOLD focused on Indian skincare, dermocosmetics, beauty tech, wellness and ingredient-led brands.
- Seek preferential commercial arrangements with portfolio companies, including early launches, exclusive bundles, retail media and customer-insight sharing.
- Use investments to identify potential future acquisitions in high-repeat categories such as skincare, haircare, supplements and personalized wellness.