News Update

Sources say Good Glamm Group likely to acquire Raymond’s consumer care business

• ByStartupStory     |    May 4, 2022

The Good Glamm Group is currently in advanced stages talks to acquire the Raymond Group’s consumer care business, which also houses the Park Avenue and KamaSutra brands, 3 sources with direct knowledge of the development said.

The cash-and-stock deal, pegged at approximately INR 2,500- 2,800 crore, is expected to be one of the biggest acquisitions in the beauty and personal care sector. One source, on the request of anonymity, noted that the acquisition will also mark Good Glamm’s foray into the men’s personal care and sexual wellness category.

Another source stated that as part of the deal, the Raymond Group and its promoters will also end up owning a minority stake in the Good Glamm Group. Raymond Group is also expected to carve out its consumer care business before any potential sale, one of the sources noted.

“As per company policy, we do not comment on market speculation. However, to enhance shareholder value, we continue to keep evaluating all options available to us,” the Raymond Group spokesperson said in response to a media enquiry. The Good Glamm Group has a history of buying brands. Over the last 18 months, the company had aggressively acquired brands such as ScoopWhoop, MissMalini Entertainment, Sirona and St Botanica, PopXO, Baby Chakra, and Mom’s Co.

The company, backed by Prosus and Warburg Pincus, is also believed to be in talks to raise $250 million at a valuation of around $1.8-$2 billion, sources revealed. Good Glamm Group entered the revered unicorn club after its Series D funding round in November 2021.

The acquisition of Raymond Group’s consumer business, if it does happen, will also be the second-biggest deal in the perfumes sector after global private equity firm KKR acquired a significant majority stake in Vini Cosmetics. If the deal pulls through, this will mark Good Glamm Group’s second acquisition in the offline beauty space following Organic Harvest, a leading organic beauty and personal care brand, in January this year.

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