Marico Limited has agreed to acquire a controlling stake in Vietnamese digital-first skincare company Skinetiq Joint Stock Company, as the Indian consumer goods group steps up its direct-to-consumer (D2C) expansion in South East Asia.
The deal will see Marico, through its wholly owned subsidiary Marico South East Asia Corporation (MSEA), purchase a 75% equity stake in Skinetiq, subject to standard regulatory approvals. The transaction values Skinetiq at around INR 3.5 billion (approximately USD 42 million).
Skinetiq owns the science-backed skincare brand “Candid” and also distributes the luxury clinical skincare brand “Murad” in Vietnam. The company reported revenues of INR 1.52 billion (around USD 18 million) in the 2025 calendar year.
Marico said the investment supports its long-term ambition to build a premium beauty and personal care presence in Vietnam, where online beauty retail and D2C models are expanding rapidly. Once the transaction is completed, Skinetiq will become a subsidiary of MSEA and, by extension, Marico Limited.
Founded in January 2020 and based in Ho Chi Minh City, Skinetiq operates primarily through online platforms, social commerce and dermatology-led digital content. Its own brand, “Candid”, targets the mid-premium segment with products including retinol treatments, hydration masks and exfoliants. The business also holds exclusive rights to distribute Murad products in Vietnam.
The company recorded unaudited revenues of VND 443 billion (approximately USD 18 million) in 2025 and operates with what Marico described as a sustainable mid-twenties EBITDA margin profile.
The total acquisition cost has been capped at VND 750 billion (around USD 30 million), payable in two stages. The first tranche of VND 637.5 billion (about USD 25.5 million) will be paid on completion for the initial 75% stake. A second tranche of VND 112.5 billion (roughly USD 4.5 million) will be paid subject to the fulfilment of post-closing conditions. MSEA will also retain the option to acquire the remaining shares after FY28, depending on agreed performance milestones.
Saugata Gupta, MD and CEO of Marico Limited, said the deal allows the company 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, said the partnership with Marico would help the business scale by leveraging the group’s platform, experience and resources.
Marico reported a turnover of INR 10.8 billion (USD 1.3 billion) in FY 2024–25, with international markets across Asia and Africa contributing around 25% of total revenue.
