Tuesday, June 18, 2024

Good Glamm Group set to enter men’s wellness mkt

NEW DELHI : The Good Glamm Group and actor Akshay Kumar are set to launch a range of men’s wellness and personal care products through a joint venture.

Kumar and Good Glam have made significant investments to launch a joint venture for selling products at price points of 150-350. The deal marks Good Glamm‘s foray into the men’s personal care and wellness category. “We’ve always been clear that we have to play in men’s category. Last year we were trying to make an acquisition which didn’t go through due to valuation differences. Over the last 12 months, as we consolidated our businesses, and created these centralized engines, we realized we can set up new brands with very little incremental costs. Our channel heads are there, we have the tech, the supply chain is all set,” Darpan Sanghvi, founder and chief executive, The Good Glamm Group, said.

In June 2022, Good Glaam had initiated talks to acquire the consumer care business of Raymond’s, but it fell through over a valuation mismatch.

“Within the first three years of launch, the brand can cross 500 crore in sales, and that’s how exciting the category is,” Sanghvi said in an interview.

Kumar’s other brands will be brought under the group’s The Good Brands vertical, led by Sukhleen Aneja.

Good Brands has a portfolio of direct-to-consumer beauty and personal care brands such as MyGlamm, St Botanica, The Moms Co, BabyChakra, Sirona and Organic Harvest.

The 70% of the sales comes from online channels, while the rest is from brick-and-mortar stores.

The move comes as Kumar, 55, has been building consumer franchise. The actor launched his own range of streetwear that went live on Walmart-backed fashion commerce platform Myntra earlier this year. Positioned as a streetwear brand in the mass-premium segment, Force IX offers men’s apparel range with plans to launch accessories in the near future.

Meanwhile, according to a 2022 Celebrity Brand Valuation report released by risk consulting firm, Kroll in March—Kumar retained the third spot on the rankings after Ranveer Singh and Virat Kohli. The actor, last seen in comedy film Selfiee, was valued at $153.6 million.

Both Kumar and The Good Glamm Group are investing “significantly” in the joint venture. “It is a very real investment from Akshay Kumar himself as well. In our first year we are looking at a run rate of close at 100 crores,” Sanghvi said. The price points will be from mass to masstige—so you’re looking at price points, going from about again, 150 rupees to about 350 rupees,” he said.

Commenting on future acquisitions, Sanghvi said the company will evaluate growth opportunities depending on categories the company wants to build

“I think you will see a couple of more interesting things coming from our end over the rest of the year to fill gaps that are currently there in our business. Now some of those gaps will get filled via existing brands, some will need new brands coming in. Whether that’s an M&A or a joint venture or a completely organic brand is to be seen,” he said.

Founded by Darpan Sanghvi, Priyanka Gill and Naiyya Saggi, the Good Glamm Group is is content-creator-commerce beauty and personal care company. It has four key divisions including the The Good Media Co that comprising media properties such as POPxo, ScoopWhoop, MissMalini, BabyChakra and Tweak India. The Good Creator Co is an influencer platforms tracking 1.5 million influencers. It also operates the Good Community an omni-channel interest-based network of consumers and experts focussing beauty, parenting, sexual and intimate health, wellness and sustainability.

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