Nykaa parent FSN E-Commerce Ventures has officially confirmed being in discussions to buy majority stake in Deepika Padukone's skincare brand 82°E, as it explores opportunities for growth and expansion of the business, as per an exchange filing on Monday.
Reports, earlier in the day, said that the company was in talks to acquire a majority stake in Padukone's brand. In a clarification for the exchanges, the fashion e-retailer has said that it remains in discussions with concerned parties, "including the one referred above".
The filing further highlighted that the company will make appropriate disclosures and announcements "in compliance with applicable laws", as and when due.
For Nykaa, the potential acquisition fits squarely into its strategy of scaling brands through its distribution muscle and large consumer base-estimated at over 42 million beauty customers.
The company has successfully executed similar playbooks before. Skincare brand Dot & Key has seen a sharp scale-up under Nykaa, while Kay Beauty, its joint venture with Katrina Kaif, reported 50% revenue growth to Rs 132.4 crore in FY25.
Possible Nykaa Acquistion A Turnaround For 82°E?
The potential deal, still under negotiation, comes as 82°E faces growth challenges in an increasingly crowded direct-to-consumer (D2C) beauty market. While financial details remain undisclosed, the move signals Nykaa's continued push to back and build premium beauty brands under its ecosystem.
Launched in 2022 as a premium skincare label, 82°E has struggled to gain traction. The brand reported a 30% year-on-year decline in revenue to Rs 14.7 crore in FY25, alongside a loss of Rs 12.26 crore, according to filings. Industry watchers point to a combination of premium pricing-around Rs 2,500 for a 50-ml product-diffused brand positioning, and rising competition from digital-first brands as key hurdles.
The company was last valued at about Rs 90 crore, with co-founder Jigar Shah previously holding a majority stake before stepping back from a full-time role. Padukone and Ranveer Singh together own a minority stake.
Nykaa Share Price
Nykaa's stock ended 2.66% higher at Rs 252.52 on the NSE on Monday. This compared to a 1.12% advance in the Nifty index.
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