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Private equity firm Carlyle buys a majority stake in India's VLCC

New DelhiEdited By: Rahul KarunakarUpdated: Jan 10, 2023, 04:13 PM IST
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Carlyle Group Photograph:(Reuters)

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VLCC and its founders received advice from KPMG India.

Carlyle Group, a private equity firm, announced Tuesday that it purchased a majority stake in VLCC, an Indian wellness and beauty care product distributor, reported Reuters.

Without providing any financial details, Carlyle Asia Partners said in a statement that the stock for the deal would come from funds managed and counselled by firms associated with it.

Carlyle said that Vandana and Mukesh Luthra, who founded VLCC, will continue to own a sizable portion of the business without providing any other information.

The 1989-founded skincare and cosmetics company has 210 retail clinics spread over 118 locations in 11 countries in South Asia, the Middle East, and Africa.

As of September 30, 2022, the company said Carlyle had invested more than $5.5 billion in more than 40 transactions in India.

VLCC and its founders received advice from KPMG India.

India's beauty and personal care industry is expected to grow to $27.5 billion by 2025 from $17.8 billion in 2020, according to estimates by Indian financial services firm Avendus.

The parent of Indian personal care products startup Mamaearth had also filed for an initial public offering in December.

Following COVID, the beauty and personal care market in India has grown. A division of the Indian oil-to-chemicals behemoth Reliance Industries purchased most of Naturals Salon & Spa in November last year.

(With inputs from agencies)

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