Indian personal care start-up The Good Glamm Group appears to have pulled off a coup, by entering a joint venture with tennis great Serena Williams. The new entity, called Wyn Beauty, aims to capitalise on the growth in the US beauty market.
Though the terms of the arrangement have not been disclosed, it marks a shift from the traditional brand ambassador approach since Williams has put in money to be an equity partner. This could ensure a higher and more meaningful commitment. Williams, 42, is a winner of a record 23 Grand Slam singles majors and is acknowledged as not just among the best but a very influential name in the world of tennis.
For The Good Glamm Group, this will not just give it a growth opportunity, but will also provide it with a leg-up before its public issue, which is expected by Diwali 2025. It became a unicorn earlier this year, valued at $1.2 billion in its latest funding round, and counts Prosus Ventures, Warburg Pincus, Alteria Capital, Bessemer Venture Partners, and Stride Ventures among its backers.
Darpan Sanghvi, Founder of The Good Glamm Group, says the agreement with Williams will mark his entity’s entry into the US market. “After all, it is the world’s biggest market for beauty. If we get it right, it will help propel growth in the rest of the world,” he tells BT. He says this is the first time that an Indian company has done a mainstream consumer launch in the US to create a global brand. “It is a watershed moment in India’s start-up ecosystem.”
Wyn Beauty will be launched through a partnership with Ulta Beauty, the US’s largest beauty retailer, across 685 offline stores. That will cover around half its footprint across the country. An optimistic Sanghvi now expects 25-35% of the group’s revenues to come from its international business. “This strategic focus is critical as we prepare to go public next October. With a diverse portfolio of brands across diverse geographies, we are well-positioned to capture market opportunities,” he says.
According to him, there is a key difference between India and the US. “The domestic market will see robust growth, and the US offers better margins. By leveraging a global portfolio, our total addressable market is now quite literally unlimited.” In terms of pricing, Wyn Beauty will offer products for the lips, face, and eyes in the $20 to $30 price range.
In a media statement, Williams said, “To me, beauty has always been about self-expression and stepping into the best version of myself. Throughout my career, I was always searching for make-up that looked good after hours on the court, mixing products myself and creating my own formulas while travelling the world.” The intention behind Wyn Beauty, she maintained, was for people to live in it every single day of their lives and enhance the beauty they already have. “Beauty is a field where everyone wins. You set and define your own personal goals and standards.”
Sanghvi will definitely hope that this double team will deliver in the US market.
@krishnagopalan
