Marico Limited, through its subsidiary MSEA, has entered into definitive agreements to acquire a 75% equity stake in Vietnam’s Skinetiq Joint Stock Company. Skinetiq owns the digital-first skincare brand “Candid” and distributes the luxury brand “Murad”. The transaction, valued at an equity valuation of approximately ₹350 crore, advances Marico’s D2C strategy in high-growth international markets like Vietnam. Skinetiq reported revenues of ₹152 crore in CY2025.
Marico Boosts D2C Footprint in Vietnam
Marico Limited announced that its wholly owned subsidiary, Marico South East Asia Corporation (MSEA), has signed definitive agreements to acquire a controlling stake in Skinetiq Joint Stock Company, a Vietnamese entity. This strategic investment secures 75% of total shares of Skinetiq, subject to customary regulatory approvals.
The deal reflects an equity valuation of approximately ₹350 crore. The transaction aligns with Marico’s long-term goal of building a strong premium beauty presence in Vietnam, capitalizing on the country’s rapidly growing D2C and e-commerce beauty channels. Following the closure, Skinetiq will become a subsidiary of MSEA and, consequently, Marico.
Target Company Profile: Skinetiq
Skinetiq was established in January 2020 in Ho Chi Minh City. The company owns the digital-first, science-backed skincare brand “Candid”, which targets the mid-premium segment with products like retinol treatments, hydration masks, and exfoliants. Furthermore, Skinetiq holds exclusive distribution rights in Vietnam for the global luxury clinical skincare brand “Murad”.
The business model heavily relies on online channels, social commerce, and dermatology-led content. Skinetiq has demonstrated rapid growth, achieving unaudited revenues of VND 443 Billion (approximately ₹152 crore) in the calendar year 2025, operating with a sustainable mid-twenties EBITDA margin profile.
Transaction Structure and Future Plans
The total acquisition cost is set at up to VND 750 Billion (INR 261.6 Cr.), payable in two tranches:
- Tranche 1: VND 637.5 Billion (INR 222.3 cr) upon receipt of 75% of total shares.
- Tranche 2: VND 112.5 Billion (INR 39.3 cr) subject to fulfilling specific post-closing terms and conditions.
Additionally, MSEA retains a right to acquire the remaining shares of Skinetiq post-FY28, contingent upon certain milestones being met.
Leadership Commentary
Saugata Gupta, MD and CEO of Marico Limited, stated that the investment positions Marico to “invest ahead of the curve in Vietnam’s fast-growing e-commerce and D2C space.”
Bui Ngoc Anh, Founder & Executive Chairman of Skinetiq JSC, expressed excitement about partnering with Marico to leverage its platform, expertise, and resources for long-term, sustainable growth.
Marico’s Global Presence Context
Marico, a leading consumer products company, recorded a turnover of INR 10.8 billion (USD 1.3 billion) in FY 2024-25. The company’s International business currently contributes approximately 25% of the Group’s total revenue across markets in Asia and Africa.
Source: BSE
