E-commerce platform Purplle has acquired a 100% stake in the Indian arm of cosmetics and skincare brand Faces Canada.
WHO: Founded in 2006, Faces Canada offers a range of makeup and skincare products manufactured in Italy, Germany, and Turkey. The range has a wide assortment of shades, textures, and designs available at affordable prices. The company entered the Indian market in 2009 and is distributed at cosmetic retail stores and online across e-commerce websites including Purplle, Amazon, Flipkart, and Myntra.
Founded in 2012 by Rahul Dash and Manish Taneja, Purplle is a beauty platform selling nearly 50,000 products from over 1,000 brands as well as its own private-label brands Good Vibes, NY Bae, and Purplle to an audience of 7 million monthly active users in India.
WHY: The acquisition adds international makeup product offerings to Purplle's portfolio. The acquisition of Faces Canada will strengthen Purplle's international makeup product offerings and is expected to help it widen its customer base across India
IN THEIR OWN WORDS: "With a strong existing portfolio, this acquisition will elevate our makeup portfolio with international high-quality innovative products. With the largest acquisition of a makeup brand by a new age beauty company in India, we look forward to a sustained partnership. We will jointly scale to the next level tapping diverse set of consumers," Purplle co-founder and CEO Manish Taneja said in a statement.
"Through this partnership, we aim to amplify our shared values, resources and reach untapped pockets of the country. The synergy will further our agenda of building the most comfortable international quality cosmetics accessible for Indian consumers, and provide an enhanced personalised beauty experience," Faces Canada CEO Kunal Gupta said.
- Purplle acquired a 100% stake in the Indian arm of Faces Canada. The deal size was not disclosed.
- Faces Canada will continue to operate independently and extend its existing portfolio under Purplle.com.
- Faces Canada was acquired by Indivision India Partners in 2007, and entered the Indian market in 2009 after Kishore Biyani, CEO Future Group, bought a controlling stake.
- In 2017, India-based GP Everstone Capital fully exited Faces Canada to Sequoia Capital India in a $40 million deal.
- In March 2021, Purplle raised $45 million in new capital to fund expansion and valued the business at about $300 million, up from $150 million in its 2019 Series C round. The round was led by Sequoia Capital India with participation from existing backers, including Verlinvest, Blume Ventures, and JSW Ventures.
- Purplle claims to have over 7 million monthly active users.
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