Source: Yve Style
MyGlamm, the direct-to-consumer beauty brand, has acquired POPxo, a 3C (Content, Community, Commerce) company in South Asia. Post the acquisition, Chiratae Ventures, Kalaari Capital, and Neoplux Venture Capital joined MyGlamm’s existing investors — Bessemer Venture Partners, L'Occitane, Mankekar Family Office, and Tano Capital LLC.
Priyanka Gill, Founder and CEO, POPxo will also be joining the board and leadership team as Co-Founder, MyGlamm.
Priyanka Gill, Founder and CEO, POPxo, and Co-Founder of MyGlamm said, “The POPxo vision has always been to build a content-community-commerce destination for women in India, with MyGlamm we have found a powerful partner with proven strengths in producing and selling beauty products at scale. Together, we will leverage the power of content to meaningfully engage with and truly listen to our users to co-create products they really want.”
Darpan Sanghvi, Founder and CEO, MyGlamm, said,
“Both MyGlamm and POPxo have been built for the Indian female consumer and are equally committed to supporting women in every sphere of their lives. With this acquisition, MyGlamm will further be able to connect with the millennial women, reach uncharted geographies, and work with POPxo in identifying emerging consumer needs and consumption patterns to co-create tomorrow’s beauty trends.”
After the acquisition, the company will represent a community of over 50 million women. The platform has produced and sold millions of beauty products across makeup, skincare, and personal care, and claims to have over 45,000 influencers. MyGlamm and POPxo aim to co-create, launch and market products in the beauty and lifestyle category.
The details of the acquisition were not revealed.
MyGlamm Products was founded in October 2017 and is available both online and offline. The brand has over 2,000 points of sale across 50 cities in India. With Rs 140 crore as annualised revenue, MyGlamm has grown over 400 percent in the past 12 months. It estimates that it can reach Rs 500 crore soon.
MyGlamm has around 600 SKUs across makeup, skincare, and personal care verticals, and has recently launched a line of sanitising and disinfecting personal care products.
(Edited by Kanishk Singh)
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Link : https://yourstory.com/2020/08/myglamm-acquires-popxo-beauty-makeup-skincare
Author :- Vishal Krishna ( )
August 07, 2020 at 04:57PM
YourStory