Prosus-backed Good Glamm Group, which houses beauty and personal care brands such as MyGlamm, Moms Co, St Botanica, Sirona and Organic Harvest — much of it through acquisitions over the years — is planning to expand the share of its premium portfolio to 30-35%, from the current 20%, by entering new markets and focusing on Indian diaspora in certain countries.
The company has been doubling down on partnerships with celebrities to create a range of premium products. It has launched make-up lines in collaboration with designer Manish Malhotra – “Manish Malhotra Beauty by MyGlamm”, filmmaker Karan Johar — “Pout by MyGlamm”, and recently, “Wyn Beauty” in a joint venture with American Tennis player Serena Williams.
“Celebrity lines have become our premium lines, and our premium portfolio is about 20% of the business here. We want to eventually take our premium portfolio to 30-35% of our business,” said CEO Darpan Sanghvi in an interaction with Fe, adding that he plans to take these celebrity make-up lines to the Indian diaspora in US and Middle Eastern countries.
The company also has tie-ups with production houses such as Karan Johar’s Dharma Productions and Vashu Bhagnani’s Pooja Entertainment, where it has become the official beauty partner for some of their films.
Good Glamm’s in-house brands have largely affordable products, within the categories of skincare, personal hygiene and makeup. For the company, associating its premium lipstick of Rs 800 and above with a popular celebrity has helped it build credibility and brand awareness.
“We believe it’s a lot easier to do it that way, a lot more credible, and that’s why all our premium lines have typically come through a celebrity partnership,” Sanghvi said. The company is now using a similar strategy to enter the US market with William’s “Wyn Beauty”, where the products are priced between $20-$30 apiece, much higher than any of its premium products available in India.
To be sure, for the company to make it to Ebitda profitability before the end of this financial year, it needs a higher mix of products with bigger margins that only its premium makeup lines can ensure, in addition to cutting certain discounts and fixed costs. Good Glamm group has been expanding its losses on the back of a series of acquisitions it had done prior to 2022.
In FY23, it had posted a topline of Rs 640 crore, compared to sales of Rs 110 crore in the year before that. The company is yet to file its FY23 earnings with the Registrar of Companies.
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