Nykaa confirms talks to acquire majority stake in Deepika Padukone’s 82°E

FSN E-Commerce Ventures Ltd., the parent of Nykaa, on Monday confirmed that it is in discussions to acquire a majority stake in actor Deepika Padukone’s skincare brand 82°E, following reports earlier in the day.

In a clarification filed with the stock exchanges, the company said it “evaluates various strategic opportunities for growth and expansion” on an ongoing basis and is “in discussions with concerned parties, including the one referred above.” It added that it will make appropriate disclosures in compliance with applicable laws as and when required.

The response came after the BSE sought clarification on a news report suggesting that Nykaa was in talks to acquire a controlling stake in 82°E. The company also stated that there are no pending legal or regulatory proceedings related to the matter.

How does the deal fit into Nykaa’s strategy?

The potential acquisition aligns with Nykaa’s broader strategy of scaling brands within its ecosystem by leveraging its distribution network and consumer base, which it estimates at over 42 million beauty customers. The company has previously executed similar strategies with brands such as Dot & Key, which has scaled significantly under Nykaa, and Kay Beauty—its joint venture with actor Katrina Kaif—which reported a 50% increase in revenue to ₹132.4 crore in FY25.

What challenges is 82°E facing?

Launched in 2022, 82°E entered the market as a premium skincare brand but has faced challenges in gaining traction in a highly competitive direct-to-consumer (D2C) segment. The brand reported a 30% year-on-year decline in revenue to ₹14.7 crore in FY25 and a loss of ₹12.26 crore, according to filings.

The brand’s pricing, with products around ₹2,500 for a 50-ml unit, and increasing competition from digital-first beauty labels have weighed on its growth. The company was last valued at about ₹90 crore, according to reports. Co-founder Jigar Shah, who previously held a majority stake, has stepped back from a full-time role, while Padukone and actor Ranveer Singh together hold a minority stake.

While financial details of the potential deal remain undisclosed, the discussions indicate Nykaa’s continued focus on strengthening its premium beauty portfolio. The company reiterated that any material developments will be disclosed in line with regulatory requirements.