Nykaa increases majority stake in Dot & Key

Multi-brand beauty and fashion retailer Nykaa has increased its majority stake in skincare brand Dot & Key from 51% to 90%. The business acquired the extra 39% for a consideration amount of Rs 265 crore.

“We are thrilled to expand our partnership with Dot & Key,” said Nykaa’s co-founder and fashion and beauty brands CEO Adwaita Nayar in a press release. “The Dot & Key success story is a testament to the collective strength of our partnership – driving excellence in unique formulations, constant innovation, energised marketing and holistic distribution. Entering this new phase, we plan to continue to invest deeply in the brand – across people and processes.”
 
Following the increased stake acquisition, Dot & Key’s founders Suyash and Anisha Saraf will retain a stake in the business and will continue to manage its operations. Nykaa first invested in Dot & Key in 2021 and the brand went on to achieve profitability in early 2023.
 
“Dot & Key has seen exponential growth over the last two years and the Indian beauty scenario looks bright for us to continue the robust growth momentum,” said Dot & Key’s co-founder Suyash Saraf. “We are excited to harness the power of the strong online and offline distribution capabilities of Nykaa to expedite our growth journey.”