Singapore’s sovereign wealth fund GIC, to take minority stake in D2C beauty care brand Wow Skin Science
- ByStartupStory | May 16, 2022
Singapore’s sovereign wealth fund GIC, has managed to hog the limelight as it is in talks to pick up a significant minority stake in direct-to-consumer beauty and personal care brand Wow Skin Science for $75 million, few people with direct knowledge of the cause reported.
Founded in 2014 by Brothers Manish and Karan Chowdary, WowSkin Science sells non-toxic beauty products made from natural ingredients across categories such as skin, hair, dietary supplements, bath & body and wellness. The company’s operating profit has risen from 650 million rupees in FY2008, which ended on March 31, 2021, to 10 billion rupees, a document submitted to the Ministry of Corporate Affairs shows. In 2020, the profit was 9,000 rupees, while in 2009, the loss was 880 million rupees.
It is also sold worldwide and has a strong presence in markets such as the United States, the Middle East and the European Union. Wow competes with D2C clean beauty and natural beauty brands such as Plum, EarthRhythm, Juicy Chemistry, Organic Harvest, mCaffeine, Beardo, Mamaearth and BombayShavingCompany.
D2C Beauty and personal care companies are attracting attention among investors, despite fears of slowing commerce. According to a recent report from Statista, the Indian beauty and personal care market will generate US $ 26.07 billion in revenue in 2010. The market is projected to grow at a CAGR of 4.64% between 2022 and 2026. “In the beauty and personal care market, by 2022, 10.7% of total sales will come from online sales,” the report said.
GIC is one of India’s largest and oldest global investors, increasing its presence with young Indian companies. We have invested in new generation companies such as Locus, Razorpay and Swiggy.
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