D2C Brand Purplle in talks to acquire Cosmetics Brand Faces Canada
- ByTejika Bajaj | December 13, 2021
The D2C fashion marketplace Purplle recently revealed that it is in talks to acquire the renowned cosmetics brand Faces Canada in an attempt to expand its reach and product offerings. This announcement comes just a month after the Purplle acquired Dot & Key by its rival Nykaa.
A source close to the development revealed, “Purplle is in an advanced stage of negotiations to acquire cosmetics brand Faces Canada. Purplle has given a definitive term sheet to Faces Canada and terms of the deal are almost accepted. If nothing goes south from here, the deal will be announced soon.”
Faces Canada is a Canadian cosmetics brand that was acquired by Everstone India-backed Indivision India Partners in 2007 and the company was launched in India in December 2009. It was later acquired by Sequoia Capital India in 2017.
“Sequoia has also given a green signal for the deal,” said the second source who also wished not to be named. According to this person, Sequoia has been leading talks for this transaction as the VC firm is a common connection in both companies.
Gurugram-based Faces Canada offers a line of high-quality makeup and skincare products. According to the company, its products are manufactured in Italy, Germany and Turkey. Apart from selling on online marketplaces, it has visibility across 1,500 cosmetic retail stores and its own outlets across India.
Follow Startup Story
Related Posts
