Online beauty platform, Purplle has acquired the cosmetics and skincare brand, FACES CANADA.
The brand will join Purplle's cohort of owned and acquired beauty brands including, Good Vibes, Carmesi, and NYbae. Purplle closed $140 million Series D funding from Premji Invest, Kedaara Capital, Sequoia Capital India, and Blume Ventures in 2021.
"Boasting distinct Canadian legacy of more than 40 years, FACES CANADA has grown to receive global recognition for their product quality, available across Asian, European, and North American markets. With this acquisition, Purplle will expand its consumer offerings with a superior international makeup portfolio," Purplle said in a statement.
Manish Taneja, Cofounder and CEO Purplle, also said, "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."
With this acquisition, Purplle aims to strengthens its footprint by offering a comprehensive collection of unique and differentiated products, and intends to accelerate the company's ambition to be a multibillion-dollar company. Purplle claims to have a catalogue with more than 1000 brands and 50,000 offerings, across categories including, makeup, skincare, haircare, personal care, fragrances, and grooming appliances. The platform has over 7 million monthly active users and expects to end financial year 21-22 with an annualised GMV run rate of Rs 1400 crore.
"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," Kunal Gupta, CEO, FACES CANADA, said
FACES CANADA claims that its products are cruelty-free, hypoallergenic, and crafted to bring comfort to every skin type and tone, complexion, and texture. FACES CANADA also said it will continue to operate independently and extend its existing portfolio under Purplle.
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