Shopping spree: India’s Good Glamm Group earmarks U$100m to acquire four to six more beauty brands
India-based direct-to-consumer beauty brand MyGlamm recently announced the formation of the Good Glamm Group was founded by direct-to-consumer beauty brand MyGlamm in an attempt to consolidate its position as a ‘Digital House of Brands’ powered by a content-to-commerce strategy.
The newly formed group is a consolidation of digital brands including female digital community POPxo, Influencer marketplace Plixxo, and mum and baby platform BabyCharkra.
Together, the group has a network of over 100 million users, 220,000 influencers and 10,000 doctors. Furthermore, it can tap into MyGlamm’s 20,000 offline point-of-sales.
“The purpose of the Good Glamm Group is to transform the beauty journey of millions of women, through great content and innovative products from the Group’s house of brands. Under The Good Glamm Group umbrella are fast-growing brands that solve key needs in every part of a woman’s life stage, from a tween to an adult,” said Darpan Sanghvi, founder and CEO of the Good Glamm Group.
The company also topped its Series C fundraise with an INR255cr (U$34.3m) infusion led by Trifecta Capital.
With this additional funding, the Good Glamm Group has earmarked an INR750cr (U$101m) to make strategic investments in new brands.
Speaking to CosmeticsDesign-Asia, Sanghvi revealed that the firm was planning to acquire four to six beauty brands to bring under the Good Glamm Group umbrella.
“In the next 90 to 180 days, Good Glamm Group will be acquiring four to six brands in the beauty and personal care space cutting across categories such as haircare, skincare, hygiene, bath and body and mom and baby care.”
He emphasised that the company was on the lookout for digitally-led brands.
“These brands will be digital-first, have a lot of consumer love and have shown good growth traction. Typically, these brands will have between U$10m to U$25m in revenue, which we can scale up very rapidly with our content to commerce engine.”
With new brand acquisitions, the company believes it can achieve an annual revenue run rate of U$250m by March 2022, said co-founder Priyanka Gill.
“Good Glamm Group is sitting at a current annualised revenue run rate of U$100 million and we are looking at a target of U$250 million by March 2022. We would have added and scaled up an additional four to six beauty and personal care brands under the Good Glamm Group umbrella.”
Furthermore, Gill added that the firm was planning to expand its business overseas by mid-2022.
Big investments for the future
Aside from acquiring more brands, the company is looking to make investments into more content platforms to increase its digital reach. Additionally, its looking to enhance its Plixxo influencer platform.
Co-founder Naiyya Saggi added that the firm would focus on making investments into data science next year as well.
“Data science is a big area of focus and investment for us in 2022. We will also continue to invest in our offline distribution, looking to grow that reach three times in 2022. This is in addition to the investments we are making in brands that give us a good presence in different segments of the beauty and personal care category.”