Good Glamm group, actor Akshay Kumar enter into JV for selling men’s care products – Economic Times

Direct-to-consumer magnificence and private care startup Good Glamm group has arrange a three way partnership with Bollywood actor Akshay Kumar to promote private care and wellness merchandise for males.

The corporate is anticipated to launch its product vary by the center of this 12 months. Kumar and the Good Glamm Group will make investments capital and work collectively to scale up the enterprise.

“I shall be deeply concerned within the product growth and model growth,” Kumar instructed ET in an e mail. “I’ve all the time believed in holistic wellness and health all my life and that’s the expertise I wish to carry to individuals – be it the elements, the regimens and the philosophies – to create this product line.”

The subsidiary will come underneath the Good Glamm group’s Good Model vertical, which is headed by chief govt Sukhleen Aneja.

ET was the primary to report on March 7 that the Good Glamm group, which has been related to the ladies’s class of non-public care merchandise, is seeking to enter the lads’s class.

Darpan Sanghvi, cofounder and CEO of the corporate, instructed ET that the corporate has been seeking to enter the area for the final two years. The model’s acquisition of digital media firm ScoopWhoop in 2021 will play a key position in selling the lads’s vary of merchandise.

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“If you wish to be a correct digital FMCG conglomerate at scale we’ve to play the lads’s class and it’s with that pondering we purchased ScoopWhoop in 2021,” he mentioned. “All the different media properties we had have been female-centric, we realised we want a male-centric content material platform if we’re to duplicate our content material creator flywheel within the males’s class.”Sanghvi mentioned the corporate tried to enter the area by shopping for one other model final 12 months, however the deal fell by as a result of each events couldn’t agree on a valuation.

ET reported on Could 4 final 12 months that the corporate was in talks with the Raymond Group’s client care enterprise, which homes the Park Avenue and Kama Sutra manufacturers.

On September 6, 2022, ET reported that the corporate was additionally in talks with grooming firm Ustraa to accumulate the model.

Sanghvi mentioned that the Good Glamm group did intensive market analysis and located that there was a niche available in the market.

“It simply can’t be one other grooming product, there may be sufficient and extra on the market,” he mentioned. “So, we discovered a really fascinating area of interest the place we noticed that with the confluence of nutraceuticals and private care, we may create one thing very fascinating and disruptive.”

Sanghvi declined to share the product particulars or the identify of the model. He additionally didn’t reveal the funding that had gone into the brand new three way partnership.

Sanghvi, nevertheless, mentioned the funding can be minimal contemplating that the distribution, expertise and content material creator ecosystem was going to be the identical.

He mentioned the corporate was focusing on Rs 100 crore in gross sales in its first 12 months and forecast income to develop to Rs 500 crore in three years.

Sanghvi mentioned the model was more likely to represent about half of the corporate’s males’s class in future. The boys’s class is probably going going to make up about 18-20% of its general enterprise, he added.

As a way to scale up the model, one of the best ways was to associate with a celeb, particularly contemplating the corporate has been capable of obtain success with its first superstar model partnership with designer Manish Malhotra, he mentioned.

“Once we found out this confluence of delivering the efficiency of those nutraceuticals into private care we requested who’s one of the best superstar on the market who stands for each, which is private care, beauty and really pure health,” he mentioned. “Not health that’s bulked up, or synthetic and that has been there for a very long time. Undoubtedly Akshay has in all probability been essentially the most holistically match man we’ve identified over the previous 30 years.”

The JV comes at a time when D2C manufacturers are being acquired as misery gross sales in lots of circumstances as tech traders have slowed down funding amid tighter macroeconomic circumstances.

Goat Model Labs, backed by Tiger International, acquired Chumbak, together with different D2C manufacturers in January.

Conventional non-internet firms like Unilever, Aditya Birla Group and ITC have additionally acquired a number of D2C manufacturers like Oziva, Wellbeing Diet, Yoga Bar, and Bewakoof.

That is Kumar’s second funding right into a startup after investing in wearable gadgets maker Goqqi in 2019. He instructed ET that the robust funding atmosphere won’t have an effect on his notion about investing extra within the startup area.

“I’ve all the time believed in supporting new concepts and disruptive entrepreneurs that may be seen within the genre-breaking movies I’ve made over time with first-time filmmakers,” he mentioned. “That ideology is unaffected by the exterior fundraising atmosphere. The truth is, I consider that firms which can be born in such a tricky atmosphere shall be constructed to final.”

Kumar is amongst a number of Indian celebrities who’ve invested in startups.

Actor Deepika Padukone had invested in startups like furniture-rental firm Furlenco, dairy firm Epigamia, and wonder and private care market Purplle. She has exited a few of these companies as properly.

ET reported on March 7 that the Good Glamm group had elevated its stake to 90% in direct-to-consumer (D2C) mom and child care model The Mothers Co, following the exit of the model’s founders Malika Sadani and Mohit Sadani. Additionally it is set to purchase 100% stake in Natural Harvest and Sirona with the founders of each these manufacturers exiting the corporate by the tip of subsequent 12 months.

Good Glamm’s working mannequin is just like roll-up ecommerce, the place a number of internet-focused manufacturers are introduced by an entity underneath one umbrella to develop utilizing shared assets. Founders of those manufacturers are inclined to exit the companies over time.

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