For a long time, the only names that came to mind when someone said cosmetics were Maybelline, Lakme, Revlon, among others. If you were particularly knowledgeable about the segment, then you’d maybe quote MAC or Bobbi Brown or NARS. Point was, public memory was filled with brands from big foreign conglomerates that retailed at prices customers would look and shake their heads at. It took some time, but homegrown direct-to-consumer brands have slowly mushroomed across the Indian beauty ecosystem—more in the skincare and personal care segments than cosmetics, but they’re there. Like SUGAR Cosmetics, which recently saw a massive 80% year-on-year growth between 2019 and 2020 and/or Nykaa. The marketplace is busy with its upcoming IPO, but its private brand and the brands it launched in partnerships with celebs seem to pop up on every influencer’s Instagram account.
These two are heavyweights, no doubt. But four-year-old D2C cosmetics brand MyGlamm has an ace up its sleeve—its strategy.
The company wants to both build and buy brands—build sister brands in-house and buy other beauty and personal care brands to expand its portfolio. It’s done a little bit of both already. It launched two cosmetics brands alongside the main MyGlamm brand and acquired three companies in the content and influencer space. It wants to build an ecosystem of products and content leveraging both arms of its business. Neat, huh?
The company recently raised $82 million in three months as part of its Series C round and it plans to buy at least six beauty and personal care brands. It also rechristened itself as the Good Glamm Group.
But—and there’s always a—but, competition looms.
Aforementioned cosmetics companies like SUGAR Cosmetics are also building sister brands, taking the ‘house of brands’ approach to growth. And there are entire companies that have sprung up in the last one year with the sole purpose of buying smaller brands and scaling them. Mensa Labs, anyone? Yes, www.multimediastudio.net
How MyGlamm executes its strategy will spell out its path in the days to come wait n watch #yusufbhandarkar #digitalmarketing