Purplle will develop its client choices with a superior worldwide make-up portfolio with the acquisition
Post the acquisition, FACES CANADA will proceed to function independently and lengthen its present portfolio below Purplle
Last month, Purplle closed its $140 Mn Series D funding from Premji Invest, Kedaara Capital, Sequoia Capital India and Blume Ventures
Mumbai-based ecommerce market for magnificence merchandise Purplle has acquired cosmetics and skincare model FACES CANADA.
The model has joined Purplle’s cohort of owned and bought magnificence manufacturers, together with Good Vibes, Carmesi, and NYBae.
The firm, nevertheless, didn’t disclose the transaction worth concerned within the deal.
Manish Taneja, cofounder and CEO, Purplle.com, mentioned, “With a robust present portfolio, this acquisition will elevate our make-up portfolio with worldwide high-quality progressive merchandise.”
He added that each the businesses will collectively scale to the subsequent stage tapping a various set of shoppers.
Kunal Gupta, CEO, FACES CANADA, mentioned, “Through this partnership, we intention to amplify our shared values, sources and attain untapped pockets of the nation. The synergy will additional our agenda of constructing probably the most comfy worldwide high quality cosmetics accessible for Indian shoppers, and supply an enhanced personalised magnificence expertise.’’
Post the acquisition, FACES CANADA will proceed to function independently and lengthen its present portfolio below Purplle.
“With the expansion in buyer personalisation, this acquisition additional strengthens Purplle’s footprint providing a complete assortment of distinctive and differentiated merchandise,” mentioned the assertion.
FACES CANADA entered the Indian market in 2009, with merchandise manufactured in Italy, Germany and Turkey. Its merchandise are at the moment obtainable in over 140 cities and cities at over 1,500 beauty retail shops and choose trendy commerce shops throughout India and is offered throughout ecommerce platforms.
Founded by Manish Taneja and Rahul Dash in 2011, Purplle is an ecommerce platform that gives magnificence merchandise, home equipment and cosmetics. Purplle additionally runs its personal label referred to as StayQuirky, which accounts for a serious chunk of its gross sales.
Last month, Inc42 had solely reported about Mumbai-based ecommerce platform’s INR 368 Cr ($49 Mn) funding spherical.
Later, in its assertion, Purplle mentioned that it closed $140 Mn Series D funding from Premji Invest, Kedaara Capital, Sequoia Capital India and Blume Ventures, accelerating the corporate’s ambition to be a multibillion-dollar firm.
Purplle has over 1,000 manufacturers in its portfolio and 50,000 choices, throughout classes together with, make-up, skincare, haircare, private care, fragrances, and grooming home equipment. The platform claims to have over 7 Mn month-to-month lively customers and expects to finish FY22 with an annualised gross merchandise worth (GMV) run fee of INR 1,400 Cr.
In 2019, the startup had raised $30 Mn in its Series C spherical led by Goldman Sachs. It raised its Series B spherical value $6 Mn in 2016.
Purplle competes in opposition to the likes of Nykaa, SUGAR Cosmetics, Plum, WoW Skin, amongst others.
Online magnificence marketplaces have obtained huge cheques this 12 months. While SUGAR Cosmetics bagged $21 Mn in its Series C spherical in February, Mamaearth closed $50 Mn in a recent spherical in July. In April this 12 months, WoW raised $50 Mn from ChrysCapital.
FSN E-Commerce, which runs Nykaa, one other competitor of Purplle went public final month and marked a stellar itemizing on the inventory exchanges with a 79% premium.
https://inc42.com/buzz/online-beauty-marketplace-purplle-acquires-faces-canada/
