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Nykaa to acquire 51% of skincare brand Aminu for Rs 32 crore
Our read
Nykaa’s Aminu deal is likely to be a template transaction: use retail reach and consumer data to build higher-margin owned beauty brands, then selectively consolidate successful founders into a broader House of Brands platform.
For operators
Nykaa’s majority acquisition of Aminu gives it tighter control over a differentiated skincare brand while preserving founder-led execution across D2C, marketplaces, quick commerce and salon channels.
Watch
Aminu’s revenue growth, repeat-purchase rate and contribution margin after the transaction closes.
The report,
Nykaa will acquire a 51% stake in Mumbai skincare brand Aminu for Rs 32 crore in cash, expanding its House of Brands portfolio. Aminu sells through D2C, marketplaces, Zepto and 180 salons; founders will remain in charge.
Newer report , , Business Today : Nykaa Q1 profit more than triples as EBITDA margin reaches 8.5%
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Reported figures
From the report. Source details below
| approximately | 50% revenue growth |
|---|---|
| more than | 30 formulations |
| more than | 10 sourcing countries |
| Q1 FY27 net profit of | Rs 79.8 crore |
Also in the report
- eightfold growth over three years
- Rs 19.4 crore FY26 revenue
- about Rs 13 crore previous-year revenue
- nearly 3,000 excluded ingredients
- seven beauty and personal-care brands
- five fashion labels
- Rs 24.8 crore net profit a year earlier
Other figures
- remaining 49% stake
- founded in 2019
- over 150 ingredients
- over 40 countries
Why it matters to operators
Nykaa is using a staged-control structure to secure a fast-growing skincare asset now while retaining an option to acquire the remaining 49% after validating integration and growth.
What to watch next
- Whether Aminu gains materially greater visibility on Nykaa’s app, in stores and during flagship sale events.
- New product launches or reformulations that indicate investment in proprietary skincare positioning rather than distribution-led growth alone.
- Changes in Aminu’s availability or ranking on Amazon, quick-commerce platforms, salons and other non-Nykaa channels.
- Further Nykaa investments or acquisitions in D2C beauty brands, particularly majority stakes with founder retention.
- Disclosures on the terms, valuation framework or timeline for Nykaa’s option to acquire the remaining stake.
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- Expand Aminu’s assortment into high-repeat skincare categories such as cleansers, sunscreens, serums and barrier-care products.
- Increase Aminu’s placement across Nykaa app discovery surfaces, Nykaa Fashion/Beauty campaigns, physical stores and creator-led education content.
- Use Nykaa’s consumer data to refine pricing, bundling, replenishment marketing and regional assortment.
- Preserve Aminu’s founder-led product development and brand voice while integrating supply-chain, compliance and performance-marketing capabilities.
- Structure milestones for the potential acquisition of the remaining 49%, likely tied to revenue growth, profitability and retention metrics.
The counter-case
The case against this reading — not reported by the source.
A 51% stake in a small D2C skincare brand may add integration complexity without materially moving Nykaa’s growth or profitability. Aminu’s appeal could depend heavily on founder-led product development and niche positioning; scaling it through Nykaa’s ecosystem risks diluting brand authenticity, increasing marketing spend, and creating channel conflict with existing marketplace, quick-commerce and salon partners. The future obligation to buy the remaining 49% could become expensive if performance accelerates, while a weak outcome would still consume management attention and capital.
The source
Published
First seen