Falguni Nayar-led Nykaa on Friday said it has entered into an agreement to acquire 18.51 per cent stake in science-focused beauty brand Earth Rhythm for Rs 41.65 crore.
With an active focus on research-based and results-oriented products, Earth Rhythm has earned its credentials as a sustainable and inclusive brand amongst Indian beauty consumers. Nykaa's investment in Earth Rhythm reinforces the potential of the brand and addresses a growing market for products that are committed to efficacy as well as the planet, Nykaa said in a statement.
Earth Rhythm, formerly known as Soapworks India, was launched in 2015, in a humble home-based set-up by Harini Sivakumar. An erstwhile banker, Harini turned to entrepreneurship in her quest to find the safest skincare products for her son. In the initial months of founding her own skincare line, she focused solely on studying skin formulations along with her father, who shares her passion and keen attention to clean skin and hair care.
Over the years, Harini has enriched Earth Rhythm with her expertise as a Cosmetic Scientist and has continued strengthening the brand's promise of clinically effective and high-quality beauty products. It is this commitment that is compelling to Nykaa and brings the two brands together in their effort to make a discernible difference in the market and for consumers, the statement said.
"Harini's tenacious story of why she founded Earth Rhythm reflects her focus on creating a wide range of beauty products that the discerning Indian consumer is looking for. We are proud to partner with a promising early-stage start-up and help them to achieve their potential by leveraging Nykaa's expertise and ecosystem," said Anchit Nayar, CEO, e-Commerce Beauty, Nykaa.
( With inputs from ANI )
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