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ECC Group Acquires Majority Stake in Source Beauty

September 19, 2022
September 19, 2022
Source Beauty

ECC has made an investment for a majority stake in Source Beauty, the first and leading Egyptian-based beauty platform.

WHO: Launched in 2018 by Lydia Schoonderbeek, Source Beauty is an Egyptian-based beauty platform with over 85 local and international beauty brands and 60,000 users.

ECC is one of Egypt's leading beauty and personal care manufacturers, led by Mohamed Salah and Ahmed Abo El Hamail.

The group provides 360-degree services in manufacturing and distributing scientifically proven innovative cosmetic products in the country.

IN THEIR OWN WORDS: Lydia Schoonderbeek, founder and CEO of Source Beauty, will continue in her role as CEO, in addition to assuming the role of Chief Creative Officer of ECC. "The funds will reinforce an accelerated digital and physical marketing strategy to reach a broader customer base, enhancing customer retention and brand visibility as well as expanding the team," Lydia commented. "This strategic investment by ECC is a game changer for Source Beauty and we're all hugely excited about the future. Since Source Beauty's inception, I have been determined to change the beauty space in Egypt to truly address the needs of the Egyptian consumer."

"We will continue to develop and work towards becoming Egypt's largest multi-brand online beauty retailer. We are confident that this partnership with ECC will get us there," Lydia added.

Dr. Mohamed Salah, co-founder and CEO of ECC, commented, "We are excited about Source Beauty's role as part of the group and are equally excited about working with Lydia and her team to continue their journey in a market that is price sensitive and seeks sustainability." Dr. Ahmed Abo El Hamail, co-founder and Vice-Chairman of ECC, added, "Source Beauty's brand and Company values make it a great fit for us. We are delighted to back Lydia, and believe that her continued role at Source Beauty as well as her new role at ECC complement the new chapter we are building for the group."

DETAILS:

  • Lorax Capital Partners recently acquired a significant minority stake in ECC and supports the company's expansion plans. 
  • Al-Tamimi and HVK Stevens advised ECC as local and international counsel for this transaction. Van Campen Liem advised Source Beauty with this transaction.
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