IPO-Bound Good Glamm Group Enters JV With Serena Williams For Pan-US Brand Launch
The Mumbai-based unicorn is a house of brands that includes MyGlamm, The Moms Co., Sirona, Organic Harvest and St Botanica.
Content-to-commerce unicorn Good Glamm Group has entered into a joint venture with star athlete Serena Williams to launch a beauty brand, in partnership with the largest beauty retailer in the U.S.
Good Glamm will launch ‘Wyn Beauty by Serena Williams’, in partnership with Ulta Beauty, America’s largest beauty retailer. This will lead to Wyn launching simultaneously across 685 offline stores of Ulta.
"Ulta has about 1,400 retail stores across the US, and we are starting in nearly half of them. For the first year, the focus will be to perform well in our first 685 doors, then we'll scale into the remaining Ulta doors as well," Darpan Sanghvi, group founder and chief executive officer at Good Glamm Group, told NDTV Profit.
Darpan Sanghvi, group founder and CEO at Good Glamm Group. (Source: Company)
The Mumbai-based unicorn is a house of brands that includes MyGlamm, the Moms Co., Sirona, Organic Harvest and St Botanica. Among its content acquisitions are PopXO, ScoopWhoop, BabyChakra and Miss Malini.
"When you have a launch of this scale, this is the foundation being laid for a brand that's going to do a few hundred million dollars a year," he said, without specifying the impact this will have on Good Glamm's revenue for FY25.
Sanghvi added that with this partnership, Good Glamm continues to be on the footing to become one of the first global beauty companies to come out of India.
"The way we've had Shiseido Co. came from Japan, Amorepacific Corp. came from South Korea... So, the plan is absolutely to build a global portfolio of brands on a global distribution network," Sanghvi said, while adding that Good Glamm recently also entered the Middle East with its brands—Sirona, Organic Harvest and The Moms Co.
"In the next 12 months, you'll see our reach, with regards to our brands and distribution in different global markets, increasing significantly," he added.
Talking about financials, Sanghvi didn't disclose FY24 revenue but added that the past fiscal was a year of consolidation.
"In FY24, we decided to consolidate and get to profitability. Our goal is to IPO in Diwali 2025, and we want to have at least four quarters of profitable growth, before we IPO... We've cut costs dramatically which will ensure that by FY25, we are a fully profitable company," he said.
Good Glamm might also head for a final pre-IPO round with fresh investors, according to him.
"An internal ($30-million) round has happened with our existing investors, which is good enough to take us all the way to the IPO. But there have been external investors who want to invest in the company, and it is something that we might consider for a pre-IPO round, but at this point of time, no concrete plans for the same," he said.
