Homegrown beauty, fashion, and lifestyle platform Nykaa, on Friday, announced that its board has approved the acquisition of the millennial-focussed lifestyle discovery platform Little Black Book (LBB).
Nykaa, in a statement, said that this acquisition aligns with the company’s fundamental content-first approach to engaging with its loyal consumer base and that LBB’s large, discerning user base, content creation capability, curation mindset, and relationship with emerging brands makes it an attractive content powerhouse. It further added that LBB’s focus on fashion, home and beauty categories fits well with Nykaa’s areas of strength.
Nihir Parikh, Nykaa spokesperson, said, “At Nykaa, we are committed to offering the best to our consumers and make their shopping experience delightful. 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 since day one. 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.”
The beauty and lifestyle platform also revealed that transaction is expected to be completed within 60 days.
LBB, which was co-founded by Suchita Salwan and Dhruv Mathur in 2015, has evolved from a Tumblr-blog to a buzzing online, curated marketplace. The lifestyle discovery platform also claims that it has built a brand and audience amongst the urban millennials of the country and has over 70 million users across various channels. LBB reported a revenue of Rs 19.44 crore in the financial year ended March 2021.
Suchita Salwan, Co-Founder and CEO of LBB, 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. LBB’s robust content creation capabilities and creator network will be leveraged within Nykaa’s platforms to drive consumer engagement and retention, further scaling reach and engagement for our brand partners.”