Marico Expands D2C in Vietnam via Strategic Stake in Skinetiq

Marico Limited (BSE: 531642, NSE: “MARICO”) has announced that its wholly owned subsidiary, Marico South-East Asia Corporation (MSEA), has entered into definitive agreements to acquire a 75% equity stake in Skinetiq Joint Stock Company, based on an equity valuation of USD 40 million.

Mr. Bui Ngoc Anh (on the left handside), Founder & Executive Chairman, Skinetiq and Mr. Vivek Jain (on the right handside), Business Head, Marico South East Asia from Marico SEA in the Signing Ceremony

Co-founded in 2020 by Mr. Bui Ngoc Anh and Ms. Hannah Nguyen (leading beauty blogger in Vietnam with more than 1.5 million followers on both TikTok and Facebook), Skinetiq is a Vietnamese direct-to-consumer company that owns digital-first science-backed skin care brand, “Candid”. Skinetiq also holds exclusive distribution rights in Vietnam for the globally renowned luxury clinical skincare brand, “Murad”. Vietnam’s beauty industry is undergoing a remarkable shift, with about 50% of category consumption now driven by e-commerce and social commerce channels. Skinetiq has scaled to USD 16 million in revenues in CY2025 with a sustainable mid-twenties EBITDA margin profile.

Candid offers clinically proven active ingredient-based skincare products catering to the mid-premium market. Candid’s product portfolio includes retinol treatments, B5 Cica barrier‐repair creams, multi‐layer hydration masks, AHA/BHA/PHA exfoliants, niacinamide +vitamin C brightening masks, and peptide‐based eye care, among others. The business garners a large majority of its revenues from online channels and has grown rapidly through social commerce, dermatology-led content, and a strong community of young, digitally savvy consumers.

(From the left) Mr. Bùi Ngọc Anh, Ms. Hannah Nguyễn, Mr. Vivek Jain and Mr. Hiếu Nguyễn in the Signing Ceremony

Saugata Gupta, MD and CEO, Marico Limited, said, “The investment in Skinetiq reflects our commitment to building a strong premium beauty play in Vietnam and advancing our D2C strategy internationally. Vietnam remains a priority market for us, driven by its strong macroeconomic fundamentals and rapidly evolving beauty landscape. Skinetiq’s digital‐led model and science‐backed portfolio align seamlessly with Marico’s vision for the future of beauty and portfolio premiumization. This partnership positions us to invest ahead of the curve in Vietnam’s fast-growing e‐commerce and D2C space, while creating a strong platform to introduce more brands in the years ahead.”

Key products from Skinetiq

Bui Ngoc Anh, Founder & Executive Chairman, Skinetiq JSC said, “We founded Skinetiq with a simple belief: Vietnamese consumers deserve high‐quality, science‐backed skincare tailored to their needs. Today, partnering with Marico gives us the platform, expertise, and resources to build a strong foundation for long‐term, sustainable growth. I’m excited to embark on our next phase with a company that shares our ambition and commitment to excellence, as we scale our innovation pipeline and deepen our connection with Vietnamese consumers.”

Source: Vietnam Business Forum