Few sources with firsthand knowledge of the situation said that Singapore’s sovereign wealth fund, GIC, has managed to steal the show by announcing that it is in talks to buy a major minority stake in direct-to-consumer cosmetics and personal care firm Wow Skin Science for $75 million.
WowSkin Science, founded in 2014 by brothers Manish and Karan Chowdary, distributes non-toxic beauty products produced from natural components in a variety of categories, including skin, hair, dietary supplements, bath & body, and wellness. According to a statement filed with the Ministry of Corporate Affairs, the company’s operating profit increased from 650 million rupees in FY2008 to 10 billion rupees in FY2021. The profit in 2020 was 9,000 rupees, while the loss in 2009 was 880 million rupees.
D2C Despite fears of a slowing economy, investors are interested in beauty and personal care industries. The Indian beauty and personal care business is expected to produce US $ 26.07 billion in revenue in 2010, according to Statista. Between 2022 and 2026, the market is expected to develop at a CAGR of 4.64 percent. “By 2022, online sales will account for 10.7% of overall sales in the cosmetics and personal care sector,” according to the survey.