Marico Ltd's recent acquisition spree across skincare, wellness nutrition and gourmet snacking is not a set of isolated bets, but part of a clearly articulated strategy to build a portfolio of premium, digital-first brands that can be rapidly scaled using the company’s distribution, backend and go-to-market strengths.
Within weeks, the FMCG major has announced three transactions -- a 75% stake in Vietnam-based D2C skincare company Skinetiq; a 60% stake in digital-first wellness brand Cosmix in India; and a 93.27% stake in gourmet snacking brand 4700BC from PVR INOX.
Together, these deals underline what management describes as a ‘string of pearls’ approach to acquisitions — targeting smaller, high-potential, founder-led brands that fill portfolio gaps and can be scaled fast, instead of pursuing large, expensive buyouts.
Vietnam bet strengthens international D2C platform
Through its wholly-owned subsidiary Marico South-East Asia Corporation, Marico will acquire 75% in Skinetiq at an equity valuation of about Rs 350 crore.
Founded in 2020, Skinetiq owns science-backed skincare brand Candid and has exclusive distribution rights for global clinical skincare brand Murad in Vietnam. The company scaled to about Rs 152 crore in revenues in CY2025 with mid-twenties EBITDA margins, driven largely by e-commerce and social commerce.
Vietnam’s beauty market, where nearly 50% of category consumption is now driven by online and social channels, fits neatly into Marico’s digital-first international playbook.
Cosmix deepens wellness and D2C presence
In India, Marico signed definitive agreements to acquire 60% in Cosmix Wellness at an equity valuation of about Rs 375 crore.
Cosmix, founded in 2019, is a plant-based nutrition and functional wellness brand that has scaled to about Rs 100 crore annual run rate in the last six months with a high-teen EBITDA margin. The brand is built primarily through its D2C website and e-commerce platforms, with strong repeat purchase and customer lifetime value metrics.
Cosmix strengthens Marico’s presence in the fast-growing nutraceuticals and plant-protein segment, alongside digital brands such as Plix, True Elements, Beardo and Just Herbs.
4700BC fills premium foods gap
Earlier in January, Marico agreed to acquire 93.27% in Zea Maize Pvt Ltd, which owns gourmet snacking brand 4700BC.
The brand, known for popcorn, makhana, popped chips and nachos, has built a strong premium positioning across offline, online and institutional channels. Marico sees 4700BC as filling a gap in its foods portfolio in premium gourmet snacking, a segment aligned with its ‘better-for-you’ foods strategy.
According to Elara Securities, 4700BC and True Elements will have accelerated path to profitability due to synergy benefits. "Gross contribution margin of the brand is ahead of Marico’s Foods business," it says.
Digital growth now a core pillar
What ties these acquisitions together is Marico’s growing emphasis on digital-led growth as a central pillar of its future strategy.
In its Q3 FY26 earnings presentation, Marico said its portfolio of digital-first brands is expected to see exit annual run rate (ARR) of about 2.5 times FY24 levels by FY27, upgraded from an earlier target of 2 times. The company also expects these digital brands to deliver double-digit EBITDA margins by FY27.
Beardo, which was acquired by the company in2017, has scaled nearly four times since FY21 and is already delivering double-digit EBITDA margins, while Plix (acquired in 2023) has begun delivering single-digit EBITDA margins as it scales in nutraceuticals and personal care.
Marico outlined an ambition to significantly expand its total addressable market (TAM) through digital businesses across nutraceuticals, skin and hair care, bath and shower, men’s grooming, healthy snacks, protein range and kids’ categories over the next three years.
The company management has repeatedly stressed that the real value of these acquisitions lies in plugging them into Marico’s existing scale.
“There will be huge opportunities in shared costs when they come into the Marico fold. There will be no incremental investment to expand into general trade,” MD & CEO Saugata Gupta said during the earnings call after the third quarter results in January 2026.
The company’s Project SETU, a three-year plan to expand direct reach in general trade by 1.5 times by FY27, is expected to further help newly acquired brands expand offline distribution without heavy incremental investments.
Foods and premium personal care to drive diversification
Marico said its foods portfolio is already five times its FY20 scale and is on track to become eight times by FY27, with gross margin expansion of around 200 basis points ahead. Foods is expected to grow at over 25% CAGR, driven by scaling of existing franchises and new product innovation.
Similarly, premium personal care and digital-first brands are expected to form a larger share of the portfolio, helping improve margin profile and reduce dependence on core staples.
Potential over size
Explaining the philosophy behind the deals, Gupta told analysts: “Our digital business philosophy is think big, start small, scale up fast or drop fast. It is a string of pearls strategy. I don’t believe in buying something big and paying 6x for that.”
Group CFO Pawan Agrawal added that Marico focuses on the potential of a business rather than its current size.
Blending organic and inorganic growth
Marico’s management has reiterated that its long-term growth will be a mix of organic and inorganic expansion. With categories such as premium beauty, wellness nutrition and healthy snacking growing faster than legacy segments, the company is using acquisitions to quickly build credible positions in emerging spaces.
The recent deals signal that Marico’s next phase of growth will be increasingly driven by premiumisation, digital-first brands, and a disciplined M&A strategy designed to assemble a portfolio of scalable, profitable niche brands — its carefully curated “string of pearls.”