Good Glamm to be broken up, sold: CEO
India, July 24 -- The Good Glamm Group, a beauty products company that achieved unicorn status less than four years ago, will be broken up and sold brand by brand after failing to recover from mounting financial troubles, founder and CEO Darpan Sanghvi said on Wednesday. Lenders to the cash-strapped platform have decided to sell Good Glamm's individual brands separately rather than pursue a company-wide solution, effectively ending the company's identity as a unified house of brands. Good Glamm's losses ballooned to Rs.917 crore in fiscal 2023 from Rs.362.5 crore the previous year, though operating revenue jumped to Rs.603 crore from Rs.211.4 crore. The company has not yet filed financials for fiscal 2024. The startup underwent significant ...
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