Marico to acquire 75% stake in Vietnam’s Skinetiq for ₹261.6 crore

Marico’s subsidiary MSEA will acquire a 75% stake in Vietnamese skincare firm Skinetiq for ₹261.6 crore. The deal boosts Marico’s premium beauty and D2C presence in Vietnam, where e-commerce drives half of beauty consumption, and Skinetiq shows rapid revenue growth.

Marico Limited has announced a major strategic move to deepen its presence in Southeast Asia’s fast-growing beauty market. Through its wholly owned subsidiary, Marico South East Asia Corporation (MSEA), the company has entered into definitive agreements to acquire a 75% stake in Skinetiq Joint Stock Company, a Vietnam-based skincare specialist, for a total consideration of up to VND 750 billion (approximately ₹261.6 crore).

The acquisition marks a significant step in Marico’s international expansion strategy, particularly in the premium beauty and direct-to-consumer (D2C) segments. Vietnam has emerged as a high-potential market for beauty and personal care, driven by a young population, rising digital adoption, and strong growth in online retail channels.

Deal Structure and Valuation

The total investment of VND 750 billion will be made in two tranches. The first tranche of VND 637.5 billion (around ₹222.3 crore) will be paid upon completion of the transfer of 75% of Skinetiq’s shares. The second tranche of VND 112.5 billion (approximately ₹39.3 crore) is linked to the fulfillment of certain agreed conditions. The transaction values Skinetiq’s equity at roughly ₹350 crore.

MSEA also holds an option to acquire the remaining 25% stake in Skinetiq after FY28, subject to the achievement of specific performance milestones and regulatory approvals.

About Skinetiq

Founded in January 2020 and headquartered in Ho Chi Minh City, Skinetiq has quickly built a strong position in Vietnam’s skincare market. The company was co-founded by Bui Ngoc Anh and Hannah Nguyen, a prominent beauty influencer with over 1.5 million followers across TikTok and Facebook.

Skinetiq owns “Candid,” a digital-first, science-backed skincare brand positioned in the mid-premium segment. Its product portfolio includes retinol-based treatments, barrier-repair creams, hydration masks, exfoliants, brightening solutions, and peptide-based eye care. The company also holds exclusive distribution rights in Vietnam for “Murad,” a globally recognized clinical skincare brand.

Strong Financial Growth

Skinetiq has delivered impressive growth in a short span. Its revenues rose from around ₹45 crore in CY2023 to ₹61 crore in CY2024 and further to ₹152 crore in CY2025. The company operates with a sustainable EBITDA margin profile in the mid-twenties, reflecting operational strength and brand traction. A significant share of its sales comes from e-commerce and social commerce platforms, aligning with changing consumer behavior.

Strategic Rationale

Marico’s leadership highlighted that the acquisition reinforces its commitment to building a premium beauty franchise in Vietnam. The country’s beauty market is undergoing a digital transformation, with nearly 50% of category consumption now driven by online channels. By partnering with a digital-native brand like Skinetiq, Marico gains deeper access to younger consumers and fast-scaling D2C ecosystems.

The transaction is subject to approval from Vietnam’s Department of Finance and is expected to close within 90 days. Once completed, Skinetiq will become a subsidiary of MSEA and, in turn, of Marico Limited.