With this acquisition, GlobalBees has forayed into the fast-evolving fashion jewellery market that is estimated to reach US$2.12 Billion by 2027
GlobalBees, has added two more new-age brands, Yellow Chimes, a leading fashion jewellery brand and Absorbia, an innovative home care brand, to its portfolio. The company has been on a spree by partnering with diverse brands across categories.
The announcement comes at a time when there is an increased demand for trendy and affordable jewellery amongst millennials. With this acquisition, GlobalBees has forayed into the fast-evolving fashion jewellery market that is estimated to reach US$2.12 Billion by 2027 On the other hand, Absorbia is the second company that GlobalBees has partnered with in the home care segment, which is presently valued at nearly US $7.8 Billion in 2021.
Speaking on the announcement Nitin Agarwal, CEO, GlobalBees, said, “Yellow Chimes and Absorbia are a strong addition to our portfolio, and it is heartening to see our family grow. We look forward to establishing each of these brands globally and achieving new milestones. Going forward we will continue to work with innovative brands across diverse and fast-growing categories”
Founded in 2014 by Megha Mittal and Anuj Khemka, Yellow Chimes offers trendy and affordable fashion jewellery through online marketplaces such as Amazon, Flipkart and Myntra. With its origins from a small home to operating a 6000 feet warehouse in Bangalore, Karnataka, Yellow Chimes has touched nearly a million customers across India. The company creates quality, trendy and affordable jewellery for both men and women. Their wide range of product categories include necklaces, bracelets, rings, earrings, nose rings, pendants and more.
Speaking on joining the GlobalBees team, Megha Mittal, Co-Founder, Yellow Chimes said, “Earlier there was not much awareness of crystal jewellery in the Indian market and purchasing jewellery online was not common. However, there was a growing need to own trendy and affordable jewellery. We identified this opportunity launched Yellow Chimes. Today our product portfolio has crossed over 2500 SKUs and are amongst the leaders in this segment. With GlobalBees as our partner, we have the opportunity to disrupt the fashion jewellery market globally.”
Founded by Prabhav Sharda in 2009, Kolkata based Absorbia, is a home care brand built on a philosophy of better & brighter ideas for everyday living. Absorbia was the first company in India to launch a range of moisture absorber products for Indian homes to address issues caused by moisture damage such as mould & fungal growth and musty odours in clothes and living spaces. At present, the homecare brand offers a variety of products that are plant-powered and non-toxic. The brand is loved and trusted by over 2 million users and sells on Amazon and other marketplaces.
Speaking on the partnership with GlobalBees, Prabhav Sharda, Founder, Absorbia said, “We entered India with a product that Indians didn’t even believe that they needed, and with constant innovation, we carved a niche in the home care market. We are proud of what we have achieved so far, and becoming a part of a like-minded company such as GlobalBees is a fantastic milestone in our journey,”
GlobalBees’ current investments includes sustainable home care products company – The Better Home, the women’s health solutions company – andMe, and homegrown millennial skincare brand, Prolixr. The company is in talks to close 20+ brands within this FY.
Source: Business World