Direct-to-consumer conglomerate beauty and personal care startup Good Glam Group has entered into a joint venture with Bollywood actor Akshay Kumar to sell personal care and wellness products for men. It is expected that this company will launch its product range by the middle of this year. Both Akshay Kumar and Good Glam Group will invest in this joint venture and work together to grow the business and will soon launch personal care and wellness products for men.
Akshay Kumar says that I will be involved in product development and brand development. I have always believed in fitness my whole life and this is the experience I want to pass on to people. Be it material, diet and philosophy. The subsidiary to house this product line will come under the Good Brands vertical of the Good Glam Group, which is headed by Chief Executive Officer Sukhleen Aneja.
According to sources, Good Glam Group, which is associated with the category of personal care products for women, now wants to enter the men's category. The company's cofounder and CEO Darpan Shanghvi said that the company has been looking to enter this space for the last two years. The brand's acquisition of digital media company ScoopWhoop in 2021 will play a key role in promoting the men's range of products.
Company in talks with these brands
Shanghvi said the company tried to enter this segment last year by buying another brand, but the deal fell through as the two parties could not agree on a valuation. The company is in talks with the consumer care business of Raymond Group, which houses the Park Avenue and Kamasutra brands. The company is also in talks with grooming company Ustraa to acquire the brand. Sanghvi declined to share product details or the name of the brand. He also did not disclose the investment that went into the new joint venture.
The target is to sell Rs 100 crore.
Explain that the company is targeting a sale of Rs 100 crore in its first year and the revenue is estimated to increase to Rs 500 crore in three years. The brand is likely to account for almost half of the company's men's range in the future. The Men's category is likely to account for around 18-20% of the total business. Partnering with a celebrity was the best way to take the brand forward, especially considering the success the company has been able to achieve with its first celebrity brand partnership with designer Manish Malhotra.
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