Online beauty brand MyGlamm acquires POPxo
Online beauty brand MyGlamm has acquired women-focused content and influencer business POPxo. Priyanka Gill, founder of POPxo, will join MyGlamm’s board and will be designated cofounder of the combined entity.
The terms of the transaction were not disclosed. The deal is expected to reduce MyGlamm’s customer acquisition costs, which is one of the highest cost centres for a direct-to-consumer brand. It will also net the venture a wider set of consumer data, which will help it launch new products more effectively.
"We have about 50 million women users across platforms, and close to 99% users are organic,” Gill said. MyGlamm’s revenue peaked at Rs 12 crore in February, but offline sales, which constitute about 40%, took a hit over the last few months due to the Covid-19 pandemic