nykaa News: Nykaa to Acquire Social Commerce Startup LBB to Promote Store Reopenings

The cosmetics store said it has received board approval to acquire Little Black Book (LBB), lifestyle learning platformas the Mumbai-based company hopes to support discovery-driven retail. Nikaa said LBBThe content-driven approach, focusing on the fashion, home and beauty categories, aligns well with its strategy.

Nykaa, led by Falguni Nayar, has closed a row
strategic investments in Earth Rhythm, Nudge Wellness and Kica Active, Earlier this year. Backed by Blume Ventures, Chiratae Ventures and other companies, LLB has raised about $8 million since its founding in 2012 as a lifestyle blog by Suchita Salwan and Druv Mathur.

FSN E-Commerce Ventures, parent company of Nykaa,
reported a 41% increase in total revenue. for the quarter ended June 30, 2022 at Rs 1,157 crore compared to Rs 822 crore last year.

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

Consistently, the company’s total revenue grew by 18%, while profit decreased by 25%.

“We are encouraged by the strong synergy we share with LBB because, like Nykaa, they are focused on discovering and generating exposure for up-and-coming homegrown brands through their channels,” said Nykaa spokesperson Nihir Parikh. the Nykaa family and look forward to helping them scale as we serve our audience better together.”

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Salvan said: “Through this partnership with Nykaa, we are excited to reach even greater heights. Together, we want to add value to the shared goals of Nykaa and LBB to discover new Indian brands through content, community and a discovery-driven approach.”

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