Prosus Ventures-backed content-to-commerce unicorn The Good Glamm Group has restructured its business to focus on structural efficiencies, the company said in a statement on July 6.
The Good Glamm Group will consolidate its group companies into independent divisions--brands, media and creators--the company said. The three divisions--The Good brands, The Good media, the Good creator--will be led by Sukhleen Aneja, Priyanka Gill and Sachin Bhatia, respectively, the company said.
The consolidation will help the company to focus on structural synergies and will also drive 'cross-division revenue synergies,' The Good Glamm Group said. The consolidation is a move towards integrating its 11 acquisitions, the company said. A few brands across content and creator space that The Good Glamm Group acquired last year include ScoopWhoop, Miss Malini, The Moms Co, among others.
"A part of our efforts to create a consolidated Group Structure, which allows not just for structural and cost efficiencies but also significant revenue synergy opportunities," said Darpan Sanghvi, Group founder and chief executive officer.
"With most of the Series D fundraising capital still in the bank, we have set ourselves an ambitious revenue run rate target of $400 million by March 2023 for the current organic business with a clear mandate to be profitable," Sanghvi added.
The Good Glamm Group will also set up an international business division with an investment of Rs 100 crore to expand its operations to the Middle East and Southeast Asia regions with an international revenue target of $150 million for the Group’s brands over the next three years, the company said.
Over the next 3 months, various brands of the Group will be launched in international markets with top retailers both online and offline ensuring the right focus is given to each brand globally, the company said.
The international division will be led by Asad Raza Khan, who has been appointed as The Good GLamm Group's Global Commercial Officer, The Good Glamm Group said. Khan has over 17 years of experience at Procter & Gamble and has worked in London, Geneva, Dubai and a few countries in South Asia.
"The international division gives Good Brands Co. an opportunity for global growth leveraging the group’s content-creator-commerce moat as well as the central infrastructure for strong offline and online growth," said Khan.
"We aspire to build our brands across offline channels, e-marketplaces, and DTC via leveraging the growth and digital marketing capabilities of the group already in place," Khan added.
The Good Glamm Group also said that it is in late-stage talks for acquiring social commerce startup Bulbul, founded by Sachin Bhatia.
Bulbul is India’s first live streaming video shopping app. Core-functionality of Bulbul will be added to the Good Creator Co technology and product stack and the Bulbul brand will be sunsetted, the company said. Sachin Bhatia is joining the Good Glamm Group as the chief executive of Good Creator Co, the Good Glamm Group said.
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