Lorax Capital Partners lately acquired a big minority stake in ECC and is supporting the corporate’s enlargement plans.Cairo, Egypt:- Source Beauty, the primary and leading Egyptian-based beauty platform, obtained a dedication of as much as c. USD $ 5 Mln from ECC in return for a majority stake within the enterprise. ECC is likely one of the leading beauty and private care producers in Egypt and supplies a considerable alternative to supply an enhanced service to Source Beauty’s shoppers, together with new product innovation, and manufacturing know-how amongst others. The group affords 360-degree providers in manufacturing and distributing scientifically confirmed revolutionary beauty merchandise within the nation. Lorax Capital Partners lately acquired a big minority stake in ECC and is supporting the corporate’s enlargement plans.Launched in 2018, Source Beauty is a women-led one-stop-shop with over 85 native and worldwide beauty manufacturers and 60,000 customers. This market supplies clients an inexpensive and accessible resolution to beauty merchandise within the nation and exposes them to merchandise sourced from the most effective uncooked supplies by feminine start-ups. It additionally supplies established and rising manufacturers with probably the most unimaginable interactive store window.Lydia Schoonderbeek, the founder and CEO of Source Beauty, will proceed in her position as CEO, along with assuming the position of Chief Creative Officer of ECC. “The funds will reinforce an accelerated digital and bodily advertising technique to achieve a broader buyer base, enhancing buyer retention and model visibility as nicely as increasing the workforce.” Lydia commented. “This strategic investment by ECC is a recreation changer for Source Beauty and we’re all massively excited in regards to the future. Since Source Beauty’s inception, I’ve been decided to alter the beauty house in Egypt to actually tackle the wants of the Egyptian shopper”.The beauty business in Egypt is rising exponentially reaching a market quantity of US$187.70m by 2025. Factors such as the rising customs on worldwide beauty merchandise and excessive demand for selection has made clients much less depending on imported beauty merchandise, giving strategy to native producers. There is due to this fact a profound want to advertise inclusivity, sustainability, availability and affordability for the typical Egyptian beauty shopper. “We will proceed to develop and work in direction of changing into Egypt’s largest multi-brand on-line beauty retailer. We are assured that this partnership with ECC will get us there.” Lydia added.Dr. Mohamed Salah, Co-Founder and CEO of ECC, commented, “We are enthusiastic about Source Beauty’s position as a part of the group and are equally enthusiastic about working with Lydia and her workforce to proceed their journey in a market that’s worth delicate and seeks sustainability.”Dr. Ahmed Abo El Hamail, Co-Founder and Vice-Chairman of ECC additionally added, “Source Beauty’s model and firm values make it an important match for us. We are delighted to again Lydia, and imagine that her continued position at Source Beauty as nicely as her new position at ECC complement the brand new chapter we’re constructing for the group.”Al-Tamimi and HVK Stevens suggested ECC as native and worldwide counsel for this transaction.Van Campen Liem suggested Source Beauty with this transaction.-Ends-About SBSource Beauty started its operations in 2018 and is one in every of Egypt’s leading beauty e-commerce platforms specializing in native millennial price-friendly beauty merchandise. The firm affords fastidiously curated and chosen merchandise from throughout Egypt with chosen leading worldwide manufacturers, who supply and manufacture lots of their merchandise regionally. Source Beauty homes over 87 manufacturers the place it affords a curated beauty platform.Source Beauty has constructed a rising enterprise mannequin primarily based on truthful commerce rules, sustainability, cruelty-free, ladies empowerment and financial improvement.For extra information on Source Beauty, please go to our web site at: www.sourcebeauty.comAbout ECCECC Group is a specialised contract producer for the cosmeceutical and private care industries led by two business veterans with over 20 years of expertise. ECC’s product portfolio contains lotions, lotions, gels, wax, and soaps used for skincare, haircare, bathtub and physique, and cosmetics. The firm affords its clients a one-stop store, offering them with product improvement, registration, design, packaging, uncooked materials sourcing, manufacturing, and warehousing. The Group has been capable of develop quickly over time, supported by longstanding relationships with leading cosmeceutical and private care manufacturers. ECC Group’s manufacturers embrace Infinity, one of many quickest rising cosmeceutical gamers in Egypt as nicely as Bobana which give attention to business haircare and skincare merchandise. In 2021, Lorax Capital Partners acquired a minority stake in ECC.For extra information on ECC Group, please go to our web site at: https://ecc-hub.comAbout Lorax Capital PartnersIncorporated in 2015, Lorax Capital Partners is an Egypt-focused non-public fairness agency with greater than USD 400 million beneath administration. Lorax’s workforce has in depth expertise in sourcing, executing, and managing transactions in Egypt with a mixed worth of over US$ 46 billion. Lorax believes that its deep information of the Egyptian market, in depth observe document, a powerful community of dependable and trusted operational and monetary contacts as nicely as a hands-on investment method, position it nicely to determine and execute on engaging investment alternatives.For extra information on Lorax Capital Partners, please go to our web site at: http://www.loraxcapitalpartners.com
https://www.zawya.com/en/press-release/companies-news/usd-5mln-investment-by-ecc-consolidates-source-beauty-position-as-egypts-leading-beauty-platform-h3youuvx
