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Good Glamm steps up cost cutting measures
Mint Mumbai
|February 14, 2024
Implements efficiency measures, eyes profitability before going public
The Good Glamm Group, a beauty products and content company, has slashed marketing spending, withdrawn discounts, and downsized its workforce over the past year to achieve profitability before listing on the stock exchanges in the latter half of 2025, said a top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 Scoop Whoop, 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.
This story is from the February 14, 2024 edition of Mint Mumbai.
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