Marico Expands D2C Beauty Play In Vietnam With Strategic Stake In Skinetiq |

Updated: February 09, 2026 23:11

Image Source: Business Standard

Marico Limited, through its wholly owned subsidiary Marico South-East Asia Corporation, has signed definitive agreements to acquire a 75% stake in Vietnam-based Skinetiq Joint Stock Company, owner of digital-first skincare brand Candid and exclusive distributor of Murad, strengthening Marico’s premium beauty and D2C footprint in the fast-growing Vietnamese market.

Marico Limited has announced a strategic move to deepen its presence in Vietnam’s rapidly expanding beauty and personal care market through a majority investment in Skinetiq Joint Stock Company. The deal, routed via Marico South-East Asia Corporation, covers acquisition of 75% of Skinetiq’s shares, subject to regulatory approvals and closing conditions. Skinetiq, founded in 2020 in Ho Chi Minh City, owns science-backed digital-first skincare brand Candid and holds exclusive distribution rights for luxury clinical skincare brand Murad in Vietnam.

Key Highlights Of The Transaction

Marico South-East Asia Corporation to acquire 75% of Skinetiq, making it a subsidiary on completion of conditions and approvals.
Aggregate consideration of up to VND 750 billion (around INR 261.6 crore) payable in two tranches, based on agreed milestones and definitive terms.
Indicative completion timeline of within 90 days from signing, subject to approval from Vietnam’s Department of Finance and customary closing conditions.
Marico also retains the right to acquire the remaining shares after FY28, linked to milestone achievements and approvals.

Strategic And Market Impact

The investment aligns with Marico’s long-term vision of building a strong premium beauty and wellness portfolio in Vietnam and scaling its international D2C strategy. Vietnam’s beauty industry is witnessing a sharp digital shift, with about half of category consumption already driven by e-commerce and social commerce channels, offering strong growth headroom for online-led brands. Skinetiq has rapidly scaled to approximately INR 152 crore in unaudited revenues in CY2025 with a sustainable mid-twenties EBITDA margin, supported by its online-heavy model and dermatology-led content ecosystem. Candid’s portfolio spans active ingredient-based formulations, including retinol treatments, barrier-repair creams, hydration masks, exfoliants and brightening solutions, catering to Vietnam’s mid-premium consumer segment.

Growth Platform And Leadership Commentary

The partnership is expected to unlock operational synergies, strengthen Marico’s premium beauty positioning, and create a launchpad for future brand introductions in Vietnam’s evolving digital beauty space. Marico’s management has underscored Vietnam as a priority market backed by robust macro fundamentals, while Skinetiq’s founders highlighted the opportunity to accelerate innovation and long-term sustainable growth through Marico’s capabilities.

Sources: Marico Press Release, Company Disclosure to the Stock Exchange

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