Carlyle Group acquires majority stake in Indian Beauty care brand VLCC
- ByStartupStory | January 10, 2023
On Tuesday, Private-equity firm Carlyle Group said it acquired a majority stake in Indian beauty care and wellness solutions provider VLCC.
While no financial terms were disclosed, Carlyle Asia Partners said in a statement that the transaction’s equity will come from funds managed and advised by entities affiliated with the firm.
Carlyle said VLCC founders Vandana Luthra and Mukesh Luthra will retain a significant stake in the company. As per reports, KPMG India was the advisor of VLCC and its founders.
According to the company, Carlyle has invested more than $5.5 billion in over 40 transactions in India as of September 30, 2022.
Following COVID, India’s beauty and personal care market has heated up. Naturals Salon & Spa was acquired by a subsidiary of the Indian oil-to-chemicals conglomerate Reliance Industries in November of last year.
The skin care and beauty product brand, founded in 1989, has a network of 210 retail clinics in 118 cities across 11 countries in South Asia, the Middle East, and Africa.
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