nykaa news: Nykaa to acquire social commerce startup LBB to push discovery shopping

The beauty retailer said it had received board approval to acquire Little Black Book (LBB), a lifestyle discovery platform, as the Mumbai-based company seeks to bolster discovery-driven retail. Nyka said LBBThe content-driven approach of focusing on the fashion, menswear, and beauty categories aligns well with its strategy.

The Nykaa led by Falguni Nayar closed a series 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 approximately $8 million since its founding in 2012 as a lifestyle blog by Suchita Salwan and Dhruv Mathur.

FSN E-Commerce Ventures, the parent entity of Nykaa,
achieved 41% growth in total revenue for the quarter ending June 30, 2022 at Rs 1,157 crore compared to Rs 822 crore a year ago.

The Mumbai-based company reported net profit after tax of Rs 5 crore, recording a 42% year-on-year growth for the June quarter.

On a sequential basis, the company’s total revenue increased by 18% while its profit decreased by 25%.

“We are delighted with the strong synergies we share with LBB, as like Nykaa, they have a strong focus on discovering and spotlighting promising local brands on their channels,” said Nykaa spokesperson Nihir. Parikh. the Nykaa family and we look forward to helping them grow, as together we serve our audience better.

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Salwan said, “Through this partnership with Nykaa, we are excited to scale to even greater heights. Together, we want to add value to the shared goals of Nykaa and LBB to drive discovery of India’s emerging brands through content, community and a discovery-driven approach. »

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