Based on the analysis of UV/Vis-and CD spectra of several cyanine dyes in β- and γ-cyclodextrin a case is made for the aggregation of the dyes into oligomers. The criteria for this new type of aggregates are: (i) the appearance of a concentration and temperature dependent shoulder on the high energy side of the dimer band in the UV/Vis-spectra; (ii) two oppositely signed high intensity CD absorptions, one centered at the shoulder, the other at about the energy of the monomer absorption. Calculations based on coupled-oscillator theory support the contention that chiral dye aggregates are formed in the presence of cyclodextrins, most probably trimers and tetramers. From UV/Vis- and CD-data a helically twisted sandwich structure is suggested for these aggregates. In contrast to the reported inclusion complexes these aggregates must form — at least partly — outside the chiral host.