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Emami increases stake in male-grooming start-up The Man Company

The investment will accelerate Emami’s move towards building an omnichannel premium brand particularly in the online space and lifestyle stores (Mint)Premium
The investment will accelerate Emami’s move towards building an omnichannel premium brand particularly in the online space and lifestyle stores (Mint)

  • Emami had previously acquired a 33.09% equity stake in Helios Lifestyle, in two tranches—one in December 2017 and another in February 2019. In this round of investment, Emami Limited has acquired 51,991 shares in Helios

NEW DELHI: Kolkata-based fast-moving consumer goods company Emami Limited has increased its stake in Helios Lifestyle—a direct-to-consumer start-up that sells male grooming products under The Man Company brand from 33.09% to 45.96%, the company said on Monday. This makes Emami the largest shareholder in Helios Lifestyle.

This investment is in line with the company’s intent to leverage “emerging online opportunities" that has accelerated as more Indians spend time online.

Emami had previously acquired a 33.09% equity stake in Helios Lifestyle, in two tranches—one in December 2017 and another in February 2019. In this round of investment, Emami Limited has acquired 51,991 shares in Helios, the company said in a filing to the exchanges.

Helios was founded by Hitesh Dhingra, Parvesh Bareja and Bhisam Bhateja. It manufactures and sells premium male grooming products including face wash, scrubs, beard oils, shampoo, perfumes, and shaving lotions for men.

The brand has an omnichannel presence with its products sold across the company's own website as well as online marketplaces and modern trade outlets.

The brand is endorsed by Bollywood actor Ayushmann Khurrana.

In FY21 the company reported a turnover of 42.89 crore, according to filings made by Emami Ltd. In the earlier fiscal (FY2019-20), it had a reported turnover of 39.34 crore.

The investment will accelerate Emami’s move towards building an omnichannel premium brand particularly in the online space and lifestyle stores, Harsha V Agarwal, director, Emami Ltd said.

“The promoters bring in a lot of passion with a strong understanding of the online and digital space which are necessary for growing the business aggressively. This is also in line with our emerging focus on strategic investments in start-ups to incubate new engines of growth," Agarwal added.

India’s male grooming market was estimated at Rs14,000 crore as of 2018. It is expected to grow at a compound annual growth rate of 15.14% till 2024 and touch over 31,900 crore.

Several companies such as Loreal, Marico, Nivea and a host of start-ups such as Bombay Shaving Company sell grooming products for men including deodorants, shaving oils, creams, shampoo and sunscreen lotions.

Earlier this year, Marico Ltd, the maker of Parachute hair oil and Saffola cooking oil, bought an additional 55% stake in Ahmedabad-owned Zed Lifestyle Pvt. Ltd, which owns the male grooming brand Beardo. It now fully owns Zed.

“Indian men have become more and more conscious of their looks, and they want to appear well-groomed and physically more appealing to attract more attention and stand out in a clutter. The segment offers a huge headroom for innovation & growth. This is well reflected in TMC’s performance as monthly revenues have increased by five times since Emami’s initial investment in December’17," Emami Ltd., said in its statement.

“Our strength of brand building through digital marketing, online selling and distribution coupled with Emami’s resource and knowledge will help us further scale new heights in near future," said Hitesh Dhingra, co-founder and MD, Helios Lifestyle.

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