With the largest acquisition of a makeup brand by a new age beauty company in India, we look forward to a sustained partnership.
E-commerce firm Purplle, which deals in beauty and personal care products, on Thursday said it has acquired 100 per cent stake in Indian arm of cosmetics and skincare brand Faces Canada.
The deal size was not disclosed.
The acquisition adds international makeup product offerings to Purplle’s portfolio.
“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.
Faces Canada entered the Indian market in 2009. Its products are manufactured in Italy, Germany and Turkey.
“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.
Founded in 2012, Purplle closed USD 140 million Series D funding from Premji Invest, Kedaara Capital, Sequoia Capital India, and Blume Ventures in 2021.
The platform claims to have over 7 million monthly active users.
Source: Business World