Company:MyGlamm

From HandWiki
MyGlamm
TypePrivate
Industry
FoundedOctober 2017; 7 years ago (2017-10) in Mumbai, India
FounderDarpan Sanghvi
Headquarters
Mumbai
,
India
Area served
India
Key people
Darpan Sanghvi (Founder)
Sukhleen Aneja (CEO)
ProductsCosmetic products
BrandsMyGlamm, Manish Malhotra Luxury Makeup by MyGlamm and POPxo Makeup by MyGlamm
ParentThe Good Glamm Group
WebsiteOfficial website

MyGlamm is an Indian e-commerce company that sells cosmetics and personal care products, headquartered in Mumbai, Maharashtra.[1] Founded in October 2017, MyGlamm is part of the Good Glamm Group.[2][3][4] In 2021, MyGlamm became a unicorn startup after securing $150 million in funding and a valuation of $1.2 billion.[5]

History

In October 2017, MyGlamm launched cosmetic products.[4] The following December, the company partnered with fashion designer Manish Malhotra to introduce its luxury category - Manish Malhotra Luxury Makeup by MyGlamm.[6] In August 2020, MyGlamm acquired digital media platform POPxo and influencer marketing company Plixxo, both founded by Priyanka Gill.[7][8] Shortly thereafter, the brand opened a 3000 square foot experiential store in Juhu, Mumbai,[9][10][11] and unveiled the Manish Malhotra Luxe Artisanal Skincare range.[12] In June 2021, actress Shraddha Kapoor invested in MyGlamm. The following month, the company acquired BabyChakra, a parenting platform, to further its content to commerce operations in South Asia.[13] By September 2021, MyGlamm had 20,000 POS across 70 cities in India.[14] In October 2021, MyGlamm then partnered with POPxo and launched its GENZ range - POPxo Makeup by MyGlamm. The Good Glamm Group was formed when MyGlamm, POPxo, and BabyChakra merged in October 2021.[15]

Funding

In April 2016, MyGlamm raised US$6 million as part of a Series A round from French personal care retailer L'Occitane en Provence, private equity fund Tano Capital and Brand Capital.[16] It received $15 million in the second round of funding from Tano Capital in August 2018.[17] In 2021, the company secured $4.35 million as part of a Series B round of funding from Tano India Private Equity, L'Occitane International, Bessemer Venture Partners, Trifecta Venture Debt Fund II and the company's founder Darpan Sanghavi through Rights Issue.[18] In June 2019, it secured raised US$14.42 million in a round led by Bessemer Venture Partners, L'Ocitane and Mankekar Family Office.[19] As of March 2021, it was valued at US$500 million and had raised $24 million in a Series C round, led by Ascent Capital Group, Amazon and Wipro.[19] In November 2021, it became a unicorn after raising $150 million in its Series D financing round from Prosus Ventures and Warburg Pincus, at a valuation of $1.2 billion.[20]

Business model

MyGlamm is a Direct-to-consumer business that operates on a hybrid online-offline model, generating about 75 percent of sales online and the rest offline.[21] The company began its operation in 2015 as an on-demand beauty service through which customers could reserve a home spa or beauty and hair care service. However, in 2017, the company changed its business model by introducing its cosmetic products in the market.[2]

Marketing initiatives

In December 2018, the company ran an advertising campaign #TestedOnSid, in which actor Siddharth Malhotra was seen endorsing MyGlamm's product. Various news outlets reported it as the first male actor to endorse a female cosmetic brand.[22][23] In March 2020, Sonakshi Sinha did a video ad for the brand.[24] In June 2021, actress Shraddha Kapoor was appointed as the company's brand ambassador,[25] who also invested in the company with an undisclosed amount.[26] Kapoor also appeared in a few television commercials for the brand.[27][28]

The company was the title sponsor of the Filmfare OTT Awards for the year 2021.[29] It was also a presenting sponsor for the 7th season of the TV reality talk show Koffee with Karan.[30] In October 2022, MyGlamm became the Make-up Partner for Bigg Boss Season 16.[31]

See also

References

  1. ↑ Thaker, Naini (14 July 2022). "How The Good Glamm Group is building a content-to-commerce behemoth". Forbes India. https://www.forbesindia.com/article/take-one-big-story-of-the-day/how-the-good-glamm-group-is-building-a-contenttocommerce-behemoth/78101/1. 
  2. ↑ 2.0 2.1 Shah, Sneha; Peermohamed, Alnoor (18 March 2021). "Amazon backs MyGlamm in first consumer brand bet in India". The Economic Times. https://economictimes.indiatimes.com/tech/funding/amazon-backs-myglamm-in-first-consumer-brand-bet-in-india/articleshow/81560554.cms. 
  3. ↑ Shanthi, S (14 January 2022). "The Genesis and Vision Of Good Glamm Group". Entrepreneur. https://www.entrepreneur.com/article/413201. 
  4. ↑ 4.0 4.1 Chopra, Arushi (13 July 2016). "MyGlamm to expand to 10 new cities, launch own product line". Livemint. https://www.livemint.com/Companies/9KusjEKwcW40HaTbR409zN/MyGlamm-to-expand-to-10-new-cities-launch-own-product-line.html. 
  5. ↑ Roy, Debjyoti. "MyGlamm parent becomes unicorn with $1.2 bn valuation after Warburg-led funding" (in en-US). https://www.vccircle.com/myglamm-parent-becomes-unicorn-with-1-2-bn-valuation-after-warburg-led-funding. 
  6. ↑ Nisar, Naqshib (4 December 2018). "Designer Manish Malhotra to Launch his First-ever Makeup Line 'Haute Couture'". News 18. https://www.news18.com/news/lifestyle/designer-manish-malhotra-to-launch-his-first-ever-makeup-line-haute-couture-1959655.html. 
  7. ↑ Tandon, Suneera (7 August 2020). "Beauty brand MyGlamm acquires POPxo". Livemint. https://www.livemint.com/companies/news/beauty-brand-myglamm-acquires-popxo-11596770798645.html. 
  8. ↑ Dey, Asmita (28 October 2021). "ScoopWhoop, The Moms Co. in bag... inside Good Glamm's acquisition binge". Fortune India. https://www.fortuneindia.com/enterprise/scoopwhoop-the-moms-co-in-bag-inside-good-glamms-acquisition-binge/106110. 
  9. ↑ "MyGlamm launches India's largest beauty experiential store in Mumbai". India Retailing. 27 November 2020. https://www.indiaretailing.com/2020/11/27/beauty-and-wellness/myglamm-launches-indias-largest-beauty-experiential-store-in-mumbai/#:~:text=MyGlamm%20launches%20India's%20largest%20beauty%20experiential%20store%20in%20Mumbai,-By%20Indiaretailing%20Bureau&text=MyGlamm%20has%20launched%20a%203%2C000,agency%20in%20New%20York%20City.. 
  10. ↑ Dalal, Avanti (10 March 2021). "The new MyGlamm store takes the traditional beauty counter to a whole new level". Vogue. https://www.vogue.in/beauty/content/the-new-myglamm-store-takes-the-traditional-beauty-counter-to-a-whole-new-level. 
  11. ↑ Lamba, Charu (28 September 2021). "Why MyGlamm is Betting Big on Content-to-Commerce Model". Indian Retailer. https://www.indianretailer.com/interview/retail-people/startup/why-myglamm-is-betting-big-on-content-to-commerce-model.i1910/. 
  12. ↑ Gupta, Punja (22 December 2022). "Manish Malhotra launches his skincare line". The Hans India. https://www.thehansindia.com/life-style/beauty/manish-malhotra-launches-his-skincare-line-663178?infinitescroll=1. 
  13. ↑ Mishra, Shruti (17 August 2021). "MyGlamm acquires BabyChakra to build India's largest parenting platform". CNBC TV18. https://www.cnbctv18.com/business/companies/myglamm-acquires-babychakra-to-build-indias-largest-parenting-platform-10396751.htm. 
  14. ↑ Shanthi, S (22 September 2021). "6 Leading D2C Brands Share Their Offline Plans". Entrepreneur. https://www.entrepreneur.com/article/387005. 
  15. ↑ "How The Good Glamm Group Is Building A Content-to-commerce Behemoth" (in en). https://www.forbesindia.com/article/take-one-big-story-of-the-day/how-the-good-glamm-group-is-building-a-contenttocommerce-behemoth/78101/1. 
  16. ↑ Paul, Bina (7 April 2016). "Beauty services startup MyGlamm raises $6M from LOccitane, others". TechCircle. https://www.techcircle.in/2016/04/07/beauty-services-startup-myglamm-raises-6m-from-loccitane-others. 
  17. ↑ Chatterjee, Purvita (30 August 2018). "On-demand beauty services start-up MyGlamm to raise $15 m". The Hindu Business Line. https://www.thehindubusinessline.com/companies/ondemand-beauty-services-startup-myglamm-to-raise-15-m/article7596738.ece. 
  18. ↑ Didmishe, Shashank (16 January 2020). "L'Occitane-backed beauty etailer MyGlamm adds $4.35 mn to funding cart". TechCircle. https://www.techcircle.in/2020/06/16/l-occitane-backed-beauty-etailer-myglamm-adds-4-35-mn-to-funding-cart. 
  19. ↑ 19.0 19.1 Kapur, Narinder (18 March 2021). "Amazon, others lead Series C round in beauty brand MyGlamm". TechCircle. https://www.techcircle.in/2021/03/18/amazon-others-lead-series-c-round-in-beauty-brand-myglamm. 
  20. ↑ Singh, Manish (9 November 2021). "Indian D2C beauty brand MyGlamm becomes unicorn with $150 million funding". TechCrunch. https://techcrunch.com/2021/11/09/amazon-backed-d2c-beauty-brand-myglamm-becomes-unicorn-with-150-million-funding/. 
  21. ↑ "MyGlamm to raise Rs 110 cr from new, existing investors; to wrap up fund-raising by Jan". The Economic Times. 4 December 2020. https://economictimes.indiatimes.com/industry/services/retail/myglamm-to-raise-rs-110-cr-from-new-existing-investors-to-wrap-up-fund-raising-by-jan/articleshow/79563434.cms?from=mdr. 
  22. ↑ "Sidharth Malhotra becomes the first actor ever to endorse a female make-up brand". DNA India. 11 December 2018. https://www.dnaindia.com/bollywood/report-sidharth-malhotra-becomes-the-first-actor-ever-to-endorse-a-female-make-up-brand-2694444. 
  23. ↑ "Sidharth Malhotra is the face of a new cruelty-free make-up collection". Elle. 2019. https://elle.in/article/sidharth-malhotra-new-make-up-collection/. 
  24. ↑ Sen, P. (8 August 2019). "Sonakshi Sinha looks stunning as the face for MyGlamm's new HD make-up range". Indulgexpress.com. https://www.indulgexpress.com/fashion/2019/aug/08/sonakshi-sinha-looks-stunning-as-the-face-for-myglamms-new--hd-make-up-range-17357.html. 
  25. ↑ Mishra, Shruti (17 June 2021). "MyGlamm names actor Shraddha Kapoor brand ambassador and investing partner". CNBC TV18. https://www.cnbctv18.com/business/myglamm-names-actor-shraddha-kapoor-brand-ambassador-and-investing-partner-9690271.htm. 
  26. ↑ "Shraddha Kapoor invests in beauty brand MyGlamm". Livemint. 17 June 2021. https://www.livemint.com/companies/start-ups/shraddha-kapoor-invests-in-beauty-brand-myglamm-11623939125160.html. 
  27. ↑ "Shraddha Kapoor introduces MyGlamm's 'Superfoods Kajal'". Exchange4media. 19 Sep 2021. https://www.exchange4media.com/marketing-news/shraddha-kapoor-introduces-myglamms-superfoods-kajal-115732.html. 
  28. ↑ Bhatia, Yash (7 October 2021). "MyGlamm launches 100 lipstick shades to make customers feel 100/100". Indiaretailing.com. https://www.indiaretailing.com/2021/10/07/latest-news/myglamm-launches-100-lipstick-shades/. 
  29. ↑ "TCL Partners with MyGlamm Filmfare OTT Awards 2021 as an Associate Sponsor". The Hans India. 24 November 2021. https://www.thehansindia.com/cinema/tcl-partners-with-myglamm-filmfare-ott-awards-2021-as-an-associate-sponsor-716771. 
  30. ↑ "MyGlamm comes on board as sponsor for Season 7 of Koffee with Karan". Adgully. 8 July 2022. https://www.adgully.com/myglamm-comes-on-board-as-sponsor-for-season-7-of-koffee-with-karan-120058.html. 
  31. ↑ "MyGlamm partners with BIGG BOSS Season 16; comes aboard as Make-up Partner". The Financial Express. September 30, 2022. https://www.financialexpress.com/business/brandwagon-myglamm-partners-with-bigg-boss-season-16-comes-aboard-as-make-up-partner-2696363/. 

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