Brands
Nykaa gets board approval to buy digital lifestyle platform Little Black Book
Mumbai: Nykaa has confirmed its board’s approval for the acquisition of Iluminar Media’s Little Black Book (LBB), a millennial-focused lifestyle discovery platform. This is in line with Nykaa’s fundamental, content-first strategy for connecting with its devoted customer base.
LBB is a popular content hub thanks to its sizable, discerning user base, content creation ability, curation mindset, and connections to up-and-coming brands. Nykaa believes that LBB’s emphasis on the fashion, home, and beauty categories will complement Nykaa’s strong points.
Nykaa spokesperson Nihir Parikh said, “At Nykaa, we are committed to offering the best to our consumers and making their shopping experience delightful. We are excited about the strong synergies we share with LBB, much like Nykaa, they have sharply focused on driving discovery and spotlighting promising homegrown brands across their channels since day one.”
“We welcome their like-minded leadership into the Nykaa family and look forward to helping them scale, as together we better serve our audience base,” added Parikh.
According to Nykaa, its market leadership in beauty and lifestyle is a result of its core strengths, which include a content-first approach, curated offerings, and a discovery-led shopping experience. LBB’s strengths in these areas will complement Nykaa and Nykaa Fashion’s vision of constantly enriching their customers’ shopping experiences.
LBB co-founder and CEO Suchita Salwan said, “Through this partnership with Nykaa, we’re excited to scale to even greater heights. Together, we want to drive value to Nykaa and LBB’s shared goals to build discovery for India’s emerging brands through content, community, and a discovery-first approach.”
She further added, “LBB’s robust content creation capabilities and creator network will be leveraged within Nykaa’s platforms to drive consumer engagement and retention, further scaling reach and engagement for our brand partners.”
Suchita Salwan and Dhruv Mathur co-founded LBB (Little Black Book) in 2015, and it has grown from a Tumblr blog to a popular online marketplace. LBB has established a brand and an audience among India’s urban millennials, reaching over 70 million users through various channels. Their emphasis on audience engagement through content and discovery has made them a brand beloved by both users and brand partners.
Brands
YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
