New Delhi: The Good Glamm Group, a beauty products and content company, has slashed marketing spending, withdrawn discounts and downsized its workforce over the past year to achieve profitability before listing on the stock exchanges in the latter half of 2025, said a top executive at the company.
The decision follows the firm’s acquisition spree between 2021 and 2022, picking up stakes in over 10 firms, including media platform ScoopWhoop, MissMalini and direct-to-consumer brand The Moms Co., besides rapidly growing its workforce and product portfolio. Good Glamm sells beauty and personal care products such as MyGlamm, St Botanica and Sirona.
“Eventually the business needs to start making money. This is not just an austerity drive…We have to be predictable as a company before we go in for a stock market listing,” said Darpan Sanghvi, group founder and chief executive officer, Good Glamm Group.
In the current financial year, its beauty brand MyGlamm has shifted its approach, moving away from associations with popular television shows such as Big Boss and Koffee with Karan, serving as an official makeup partner for the reality TV series in 2022. It now looks to forge strategic partnerships with production houses. Besides, the firm has downsized its workforce this year, letting go of around 120 out of its 1,000 employees .
“We were at 1,000-odd employees in corporate, we are down to some 880 currently; it is actually happening as we speak but most of it is done. So, we had 25% saving in manpower cost, which reflected in about 12% of employees we had.” Layoffs were across the board, he added. “Last year, we had sponsored Big Boss and Koffee with Karan, we were on TV regularly. Now, we have changed that strategy to what we have done via an association with Karan Johar (launch of a makeup collection with the film maker) apart from a three-year deal with Dharma Production for its beauty brands,” he added.
The moves have helped trim marketing expenses by 40%; and has brought down the quantum of discounting on its brands.
The company is also expanding its personal care and beauty brands to overseas markets. “The journey ahead in FY25 will be of having full-year profitability. India business is growing at 35-40%. For us, the last two years were going from MyGlamm to a platform of brands. 2022 was about integrating everything since we acquired a lot of businesses in previous years. Last year was when we started on the quest for profitability. This year (2024) is when we will achieve profitability and see international kick in a very large way,” he added.
Its brands Sirona and baby care brand Mom’s co are already present in the Middle East and North Africa. “We will be unveiling our international plans in the next 60 days or so.”
Founded by Sanghvi, Priyanka Gill and Naiyya Saggi, Good Glamm operates across multiple verticals. The Good Brands Co comprises beauty and personal care, while The Good Media Co includes POPxo, ScoopWhoop, MissMalini, BabyChakra and Tweak India. Good Creator Co serves as an influencer platform, alongside The Good Community. In FY22 it had witnessed a staggering 380% operating revenue growth to ₹240 crore, but losses surged to ₹272 crore.