Global investment firm Carlyle has announced that it has acquired a majority stake in the Indian beauty and wellness brand VLCC for an undisclosed amount.
However, according to a joint statement, VLCC founders will continue to hold a significant stake in the company. As per reports, the deal is valued at $300 million.
"The investment underscores Carlyle’s overall conviction in India’s long-term economic and domestic consumption growth, which the team believes is characterised by product premiumisation and a shift in preference amongst the rising middle-class towards established brands," said a joint statement from the firms.
The investment aims at helping VLCC accelerate growth through investments in brand building, product expansion, and scaling its pan-India digital and e-commerce distribution channels said Carlyle India Advisors Managing Director and Co-Head Amit Jain.
"We look forward to working with VLCC's founders as we seek to strengthen the management team and draw on Carlyle’s deep global consumer experience and network of senior advisors,” he added.
"Carlyle’s extensive global consumer sector experience, business partnership mindset, local market knowledge and high-calibre team make them the right partner to take the business to the next level,” said Vandana Luthra, Founder of VLCC.
Furthermore, the company has appointed Gurveen Singh who recently retired from Reckitt Benckiser as the Chief Human Resources Officer and J Suresh who recently retired as the Managing Director and CEO of Arvind Fashions as Independent Directors to the Board.
“Carlyle believes their combined experience and sector expertise helps strengthen the Board and will help provide strategic guidance for VLCC’s next phase of anticipated growth," said the firm in a statement.