In a significant move to strengthen its international beauty footprint, Marico Limited (via its subsidiary Marico South-East Asia) announced on February 9, 2026, that it is acquiring a 75% stake in the Vietnamese skincare company Skinetiq.
The deal, valued at an equity valuation of approximately ₹350 crore, involves an immediate cash consideration of nearly ₹261.6 crore (roughly 750 billion Vietnamese Dong).
Deal Structure & Financials
The acquisition is structured in two tranches to ensure a smooth transition and performance-linked accountability.
| Tranche | Amount (Approx.) | Condition |
| Tranche 1 | ₹222.3 crore | Paid upon receipt of 75% total shares. |
| Tranche 2 | ₹39.3 crore | Subject to specific terms and conditions. |
| Future Option | — | Right to buy remaining 25% stake after FY28. |
Skinetiq’s Performance
Skinetiq has shown explosive growth in the Vietnamese market, transitioning from a startup to a significant player in under five years.
- CY2025 Revenue: ₹152 crore (up from ₹45 crore in CY2023).
- Profitability: Operates with a sustainable mid-twenties EBITDA margin.
- Market Position: Approximately 50% of its category consumption is driven by e-commerce and social commerce.
Strategic Rationale: Why Vietnam?
Vietnam is a “priority market” for Marico due to its rapidly evolving beauty landscape and strong macroeconomic fundamentals.
1. Digital-First Beauty Play
Skinetiq owns Candid, a digital-first, science-backed skincare brand. By acquiring a majority stake, Marico gains immediate access to a “born-on-the-web” audience and a sophisticated social commerce infrastructure.
2. Luxury Clinical Portfolio
Through Skinetiq, Marico now holds exclusive distribution rights in Vietnam for Murad, a globally renowned luxury clinical skincare brand. This allows Marico to compete in the high-margin, premium clinical segment.
3. Operational Synergies
The deal co-founded by CEO Bui Ngoc Anh and leading beauty blogger Hannah Nguyen (who has over 1.5 million followers) provides Marico with a powerful marketing engine. Marico plans to leverage Skinetiq’s data-driven model to introduce more of its own brands into the Vietnamese market.
Marico’s Recent Acquisition Spree
This is Marico’s second major acquisition in early February 2026, following a 60% stake purchase in Cosmix Wellness (a plant-based nutrition brand) for ₹375 crore. These moves signal a clear shift in Marico’s strategy:
- Diversification: Moving away from heavy reliance on edible and hair oils.
- Premiumization: Focused on high-growth D2C categories like skincare and functional foods.
- Global Footprint: Strengthening its “Marico 3.0” vision of being a diversified global consumer giant.
