2026.03.30
India's major consumer goods maker Marico announced on February 9, 2026 that it had agreed to acquire shares of Skinetiq JSC, the company behind Vietnamese D2C skincare brand "Candid,"acquiring a 75% stake the company said. The enterprise valuation was approximately 3.5 billion rupees (approximately 5.8 billion yen). This deal, in which a Vietnamese Gen Z beauty D2C brand founded by two influencers was acquired by an Indian FMCG major, is drawing attention as a clear illustration of the maturity of the Vietnamese consumer market.
Skinetiq JSC is a skincare company founded in 2020 by two Vietnamese women —Bui Ngoc Anh and Hannah Nguyen— who together have a combined following of more than 1.5 million on TikTok and Facebook as beauty influencers, and who have used their reach on social media directly as the brand's growth engine.
Its flagship brand "Candid" is a digital-first clinical skincare line for Gen Z, offering a lineup organized by skin concern such as acne, brightening, and hydration. It also holds the exclusive distribution rights in Vietnam for the premium clinical skincare brand "Murad."
In 2025, sales reached approximately 1.52 billion rupees (₹152 crore (1 crore = 10 million rupees) / approximately 2.6 billion yen), with an EBITDA margin in the mid-20% range, reflecting high profitability.
Marico is a leading Indian FMCG (fast-moving consumer goods) maker known for products such as the hair oil brand "Parachute" and the beauty brand "Livon." It operates in Southeast Asia through Marico South-East Asia Corporation (MSEA), and Vietnam is already one of its key markets.
This Skinetiq acquisition carries strategic significance for Marico in the following three respects.
Vietnam's cosmetics and skincare market continues to expand at an annual growth rate of 10-12%. Gen Z in particular (born 1997-2012) gathers beauty information via social media and has a strong affinity for D2C brands. The spread of TikTok Shop has further accelerated this trend, and cases of influencer-founded brands achieving large sales in a short period are increasingly common.
Candid is a textbook example. The speed of growth, reaching a valuation of about 5.8 billion yen from a foreign FMCG maker just five years after founding, clearly demonstrates the potential of Vietnam's D2C market.
From this Marico x Skinetiq deal, there are two points Japanese companies should take away.
When Japanese majors such as Shiseido, Kao, and Kose expand in Vietnam, partnering with, investing in, or acquiring a local D2C brand has become a realistic option. In some cases, it is more efficient to bring in a D2C company that already has an influencer base and existing customers than to build a brand from scratch.
A pitfall Japanese companies often fall into when entering Vietnam is having high product quality but weak social media presence. Vietnamese Gen Z decides what to buy based on information from people they trust on TikTok and Instagram. Entering the market through a co-branding arrangement with an influencer, or through OEM supply, is also worth considering.
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