Content-to-commerce unicorn The Good Glamm Group is venturing into the US market through a joint venture with tennis legend Serena Williams’ cosmetics brand Wyn Beauty, the startup said on April 4 as it gears up for an initial public offer (IPO) by next year.
The clean beauty brand which goes live today on its digital platform, will also be available at the USA’s largest beauty retailer Ulta and a few Sephora stores. The brand will be offering 91 shades across 10 distinct products for the face, lip and eye categories.
For the first 12 months, the brand will be available only in the US, before being distributed across more geographies. This is a premium brand and the products will be priced between $20-30.
Williams, founder and entrepreneur said, "I'm so excited to introduce WYN Beauty to the world,"
She added, “To me, beauty has always been about self-expression and stepping into the best version of myself. Throughout my career, I was always searching for makeup that looked good after hours on the court, mixing products myself and creating my own formulas while traveling the world.”
Not just Williams, previously, the Good Glamm Group had started JVs with Akshay Kumar, Karan Johar, Manish Malhotra and a few other celebrities to build new brands.
“We have been working on the JV for the last three years. Serena has been an incredible partner. She has greatly appreciated our Group’s tech and data DNA, our NPD innovation and the fact that the group has always been purpose driven with its focus on creating empowering ecosystems and inclusive communities. This JV is a meeting of the minds on bringing to life the proposition of high-performance, skin caring and clean beauty products,” Darpan Sanghvi, founder of Good Glamm Group, told Moneycontrol.
“Both parties are very closely involved in every aspect of the brand - from brand and product development to GTM distribution, supply chain and other functions,” he said.
IPO Plans
The startup is in the middle of closing a $70-million Series E round at a flat valuation of $1.2 billion, of which it has raised about $30 million in the first tranche. The fresh funds raised will be used as working capital to support the company’s plans of going for the public issue around middle of 2025.
Sanghvi expects this new launch to bring international business accounting for 25 percent to 35 percent of its total group revenues by the end of next year. He called this international foray pivotal as the company plans to prepare for an IPO in October 2025.
“With a diverse portfolio of brands spanning various geographical regions, each with unique characteristics, we are well-positioned to capture market opportunities. While India is expected to experience robust growth, the US market offers a significantly higher margin profile,” he said.
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