The Good Glamm Group, a content-to-commerce platform that sells cosmetics, has laid off 150 of its employees, which is 15 percent of the workforce. The company has also revamped its organizational structure and appointed new business heads.
This is ahead of its IPO plans for 2025. As per the Economic Times, the company said in a statement, “This strategic initiative marks the culmination of the company’s final phase of team integration with a steadfast aim to be a profitable company in FY25.” The company further said that these layoffs were a result of “integrations getting completed between the different acquired companies.”
This development is happening at a time when the start-up just entered the US market. It entered into a joint venture with former tennis player Serena Williams and introduced Wyn Beauty by Williams in the US. Talking about the international market, in an interview with Outlook Start Up, The Good Glamm Group’s group founder and CEO, Darpan Sanghvi, said, “The overall contribution from our international business will be 25% to 35% of our overall revenues by the end of 2025.”
As part of the restructuring measure, several elevations in appointments have been made by the company, including Manan Jain as group COO and Ashish Jadhav as group head of product.
The company has also seen a top exit. For example, Priyanka Gill, the co-founder of The Good Glamm Group, left the company this year. Similarly, Kamal Lath was recently appointed as the group CFO. Before working for The Good Glamm Group, Lath worked for other companies such as Case New Holland (CNH), L&T Mindtree, and d.light.
Recently, the beauty products and content unicorn was in the news for reportedly raising around $30 million via a rights issue. However, sources told Outlook Start-Up in an earlier story that the actual fundraise through internal sources was around $40 million.
