Carlyle buys majority stake in India’s VLCC for $300 mln
BENGALURU, Jan 10 (Reuters) – Inner most-fairness firm Carlyle Personnel (CG.O) has bought a majority stake in Indian magnificence care and wellness alternatives provider VLCC for spherical $300 million, two sources suggested Reuters on Tuesday.
The fairness for the transaction will near from funds managed and urged by entities affiliated with Carlyle Asia Partners, Carlyle acknowledged in an announcement, without specifying a deal price.
A Carlyle spokesperson declined to commentary.
VLCC’s online sales – up from 7% of total sales to 22% prior to now three years – would abet the skincare and magnificence products price personal a determined price proposition, Amit Jain, managing director and co-head of Carlyle India, suggested Reuters on Tuesday.
“In a crowded market, having a determined price proposition with high product efficacy and a longtime price is terribly treasured, and that is the reason what VLCC has,” Jain added.
Based in 1989, VLCC has a network of 210 retail “clinics” in 118 cities across 11 international locations in South Asia, the Heart East and Africa.
Founders Vandana Luthra and Mukesh Luthra will continue to make your mind up on a valuable stake in the corporate, Carlyle acknowledged, without sharing extra crucial factors.
India’s magnificence and deepest care industry is anticipated to develop to $27.5 billion by 2025 from $17.8 billion in 2020, primarily based completely on estimates by Indian monetary products and providers firm Avendus.
In December, the parent of Indian deepest care products startup Mamaearth filedfor an initial public offering.
KPMG India used to be the adviser to VLCC and its founders.
Reporting by Sriram Mani in Mumbai, Ashish Chandra and Nishit Navin in Bengaluru; Editing by Sohini Goswami and Nivedita Bhattacharjee
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