The months of April-May-June were a dry spell for revenues and was no exception to Good Glamm’s founder Darpan Sanghvi. The spell was more prolonged for beauty and personal care space as the outdoor consumption slowed down and selling non-essentials was paused as per the government regulations.
To stay afloat in the pandemic, MyGlamm forayed into the mom and pop stores and chemist shops in tier II-III markets where the reverse migration helped increase its sales, as people returned to shopping in physical stores faster in such cities. Till the festive season in 2020, MyGlamm’s profitability touched pre-COVID levels.
Coming to March 2021, MyGlamm became richer by Rs 175 crore and it became a $100 million valued company. But this D2C cosmetic company had other ambitious plans of becoming the next biggest new-age beauty and personal care company equally competing with brands like ITC, Dabur, HUL, and Loreal. From just being a D2C platform of beauty and cosmetic products it has emerged to be content to commerce company under the parent name Good Glamm that now houses multiple brands from maternity care -The Mom’s Co, to skincare to parenting platform -Babychakra to digital media platforms.
The becoming of Good Glamm- A content to commerce company in the personal care space
MyGlamm in the pandemic was encouraged to take bold steps in the expansion of business after witnessing the Chinese markets whose beauty products surged by 20 percent from the pandemic year. This led MyGlamm to invest and strengthen its online and offline storefronts and expand its product portfolio from cosmetics and make-up to skincare, haircare, hygiene, mom and baby, naturals and form an umbrella of brands by the name Good Glamm. It acquired those brands that have great statistics of repeat sales, are a good product-market fit but surprisingly have lower revenue generation from its website.
Good Glamm here saw a potential to form a symbiotic relationship with these already reputed D2C personal care brands that could be seamlessly aligned with its content-to-commerce strategy. The integration with Good Glamm will help the acquired D2C brands without an offline presence to leverage its network of 30,000 offline points. What might have taken years to singlehandedly build a brand will now be benefitting from Good Glamm’s network and start selling products nationwide thereby eventually reducing the cost of building a brand.
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From just being a D2C platform of beauty and cosmetic products it has emerged to be content to commerce company under the parent name Good Glamm.
Acquiring the digital media and lifestyle companies
The intent of acquiring digital media and lifestyle content platforms is to allow users to consume content and urge them to make a transaction on the platform. Human beings tend to buy what they see. Thereby, by creating branded content on these entertainment and lifestyle platforms it aims to push its products for sales utilising its already made massive fanbase. Pushing products through branded content gives high conversion rates. In August 2020, Good Glamm then MyGlamm acquired content and influencer marketing platforms POPxo and Plixxo that increased its reach exponentially amongst its female fan base consisting of 88 million and 1,50000 female influencers. Recently, in October 2021, Good Glamm has acquired ScoopWhoop which will continue to work independently but with an increased focus on its male fanbase which is 60 percent. This acquisition will pave its entry into content-to-commerce for the fast-growing male personal care segment.
Users consuming the kind of content on such platforms will help Good Glamm to decode the kind of content the users’ consumer using its improved data science and analytics capabilities and give clarity about the kind of products they will be interested to spend.
Good Glamm’s Funding and IPO Plans in 2023
Good Glamm aspires to be the next HUL owning an umbrella of brands offering everything in personal care under the same ecosystem. The funds raised from the investors will be utilised to invest in product development, support data science and technology research, increase offline expansion and working capital requirements.
Consecutively in September and October, Good Glamm raised funding of Rs 255 crore in series-C and Rs 1,110 crore in series-D respectively to join the unicorn family and become the 35th unicorn in 2021. By 2023, it is eyeing to release its IPO as soon as the company’s valuation reaches $10 billion.
