Beauty etailer Nykaa said it has received approval from its board to acquire Little Black Book (LBB), a lifestyle discovery platform, as the Mumbai-based company looks to bolster discovery-led retail. Nykaa said LBB’s content-first approach focussing on fashion, home and beauty categories aligns well its strategy.
The Falguni Nayar-led Nykaa closed a set of strategic investments in Earth Rhythm, Nudge Wellness and Kica Active, earlier this year. Backed by Blume Ventures, Chiratae Ventures, among others, LLB had raised around $8 million since it was founded in 2012 as a lifestyle blog by Suchita Salwan and Dhruv Mathur.
FSN E-Commerce Ventures, the parent entity of Nykaa, reported a growth of 41% in its total income for the quarter ending June 30, 2022 at Rs 1,157 crore as against Rs 822 crore in the year-ago period.
The Mumbai-based firm reported a net profit after tax of Rs 5 crore, clocking 42% growth year-on-year growth for June quarter.
On a sequential basis, the company’s total income grew 18% while its profit declined 25%.
“We are excited about the strong synergies we share with LBB, because much like Nykaa, they have sharply focused on driving discovery and spotlighting promising homegrown brands across their channels,” said Nykaa spokesperson Nihir Parikh. “We welcome their like-minded leadership into the Nykaa family and look forward to helping them scale, as together we better serve our audience base.”
Salwan said, “ Through this partnership with Nykaa, we’re excited to scale to even greater heights. Together, we want to drive value to Nykaa and LBB’s shared goals to build discovery for India’s emerging brands through content, community and a discovery-first approach.”