Nykaa, the Indian beauty retail giant, has confirmed it is in talks to potentially acquire a majority stake in Indian actress Deepika Padukone’s skin care brand 82°E.
In a filing made to the National Stock Exchange of India (NSE), the FSN E-Commerce Ventures-owned retailer stated it “remains in discussions with concerned parties”.
Nykaa’s NSE filing read: “The company evaluates various strategic opportunities for growth and expansion of the business of the company on an ongoing basis.
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“Pursuant to this, the company remains in discussions with concerned parties.
“The company will make appropriate disclosures/announcements in compliance with applicable laws, as and when due.”
82°E is a Mumbai-based skin care brand founded in 2022 by Padukone and American entrepreneur and financier Jigar Shah.
The business specialises in skin and body care featuring traditional Indian ingredients, with products ranging from body lotions and milks, to SPFs, lip masks and moisturisers.
The alleged majority stake acquisition follows Nykaa launching a dedicated fragrance-only retail format in March.
Two Nykaa Perfumery stores have opened in Oberoi Mall, Goregaon, and Infiniti Mall, Malad, tapping into a growing demand for perfumes in India, according to the retailer.
Nykaa also kicked off its 2026 financial year with a surge in profits driven by premium brands and strong consumer demand.
Profits grew to 233.2m rupees ($2.66m) in the first quarter of the financial year to the end of June up from 96.4m rupees.
Revenues rose 23% to 21.55bn rupees in the period, with beauty revenue up 24% to 19.75bn rupees.
Cosmetics Business has contacted Nykaa and 82°E for a comment.
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