MyGlamm
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| Company type | Private |
|---|---|
| Industry | |
| Founded | October 2017 in Mumbai, India |
| Founder | Darpan Sanghvi |
| Headquarters | , India |
Area served | India |
Key people | Darpan Sanghvi (Founder) Sukhleen Aneja (CEO) |
| Products | Cosmetic products |
| Brands | MyGlamm, Manish Malhotra Luxury Makeup by MyGlamm and POPxo Makeup by MyGlamm |
| Parent | The Good Glamm Group |
| Website | Official 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
[edit]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
[edit]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
[edit]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
[edit]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
[edit]References
[edit]- ^ Thaker, Naini (14 July 2022). "How The Good Glamm Group is building a content-to-commerce behemoth". Forbes India.
- ^ a b Shah, Sneha; Peermohamed, Alnoor (18 March 2021). "Amazon backs MyGlamm in first consumer brand bet in India". The Economic Times.
- ^ Shanthi, S (14 January 2022). "The Genesis and Vision Of Good Glamm Group". Entrepreneur.
- ^ a b Chopra, Arushi (13 July 2016). "MyGlamm to expand to 10 new cities, launch own product line". Livemint.
- ^ Roy, Debjyoti. "MyGlamm parent becomes unicorn with $1.2 bn valuation after Warburg-led funding". VCCircle.
- ^ Nisar, Naqshib (4 December 2018). "Designer Manish Malhotra to Launch his First-ever Makeup Line 'Haute Couture'". News 18.
- ^ Tandon, Suneera (7 August 2020). "Beauty brand MyGlamm acquires POPxo". Livemint.
- ^ Dey, Asmita (28 October 2021). "ScoopWhoop, The Moms Co. in bag... inside Good Glamm's acquisition binge". Fortune India.
- ^ "MyGlamm launches India's largest beauty experiential store in Mumbai". India Retailing. 27 November 2020.
- ^ Dalal, Avanti (10 March 2021). "The new MyGlamm store takes the traditional beauty counter to a whole new level". Vogue.
- ^ Lamba, Charu (28 September 2021). "Why MyGlamm is Betting Big on Content-to-Commerce Model". Indian Retailer.
- ^ Gupta, Punja (22 December 2022). "Manish Malhotra launches his skincare line". The Hans India.
- ^ Mishra, Shruti (17 August 2021). "MyGlamm acquires BabyChakra to build India's largest parenting platform". CNBC TV18.
- ^ Shanthi, S (22 September 2021). "6 Leading D2C Brands Share Their Offline Plans". Entrepreneur.
- ^ "How The Good Glamm Group Is Building A Content-to-commerce Behemoth". Forbes India.
- ^ Paul, Bina (7 April 2016). "Beauty services startup MyGlamm raises $6M from LOccitane, others". TechCircle.
- ^ Chatterjee, Purvita (30 August 2018). "On-demand beauty services start-up MyGlamm to raise $15 m". The Hindu Business Line.
- ^ Didmishe, Shashank (16 January 2020). "L'Occitane-backed beauty etailer MyGlamm adds $4.35 mn to funding cart". TechCircle.
- ^ a b Kapur, Narinder (18 March 2021). "Amazon, others lead Series C round in beauty brand MyGlamm". TechCircle.
- ^ Singh, Manish (9 November 2021). "Indian D2C beauty brand MyGlamm becomes unicorn with $150 million funding". TechCrunch.
- ^ "MyGlamm to raise Rs 110 cr from new, existing investors; to wrap up fund-raising by Jan". The Economic Times. 4 December 2020.
- ^ "Sidharth Malhotra becomes the first actor ever to endorse a female make-up brand". DNA India. 11 December 2018.
- ^ "Sidharth Malhotra is the face of a new cruelty-free make-up collection". Elle. 2019.
- ^ Sen, P. (8 August 2019). "Sonakshi Sinha looks stunning as the face for MyGlamm's new HD make-up range". Indulgexpress.com – via The New Indian Express.
- ^ Mishra, Shruti (17 June 2021). "MyGlamm names actor Shraddha Kapoor brand ambassador and investing partner". CNBC TV18.
- ^ "Shraddha Kapoor invests in beauty brand MyGlamm". Livemint. 17 June 2021.
- ^ "Shraddha Kapoor introduces MyGlamm's 'Superfoods Kajal'". Exchange4media. 19 September 2021.
- ^ Bhatia, Yash (7 October 2021). "MyGlamm launches 100 lipstick shades to make customers feel 100/100". Indiaretailing.com.
- ^ "TCL Partners with MyGlamm Filmfare OTT Awards 2021 as an Associate Sponsor". The Hans India. 24 November 2021.
- ^ "MyGlamm comes on board as sponsor for Season 7 of Koffee with Karan". Adgully. 8 July 2022.
- ^ "MyGlamm partners with BIGG BOSS Season 16; comes aboard as Make-up Partner". The Financial Express. 30 September 2022.