The mystery of Good Glamm’s global gambit

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Mint. Industry watchers, however, feel the group needs to execute a big winning strategy or have a big pull brand to become successful and eventually list. The company is aiming to hit three times its last reported numbers by Diwali 2025.

Good Glamm has not yet filed its 2022-23 financials—the company has revealed that it generated ₹640 crore in revenue in 2022-23, but did not disclose losses. “We will look to have around ₹1,500 crore to ₹1,700 crore in revenue leading into the IPO, with international contributing around 30-35% of that," said Sanghvi. Crucially, it wants to go public while maintaining four-six quarters of profitability.

For that to happen, Good Glamm needs to scale up its domestic business, and get its newly launched international business to fire. International expansion is “very, very tough," said the former CEO of a beauty and skincare brand who didn’t want to be identified. Indeed, Indian brands have struggled to crack the international market.

Companies such as Godrej Consumer Products, Dabur and Marico took decades to build their international business, and even this was mostly in emerging markets. Marico first expanded overseas via an international subsidiary in 1999. However, these companies also expanded through foreign acquisitions.

“Venturing into an overseas market requires a fresh approach towards product formulation, local marketing execution, local nuances, and bandwidth both from a management and resource point of view," said Rohan Agarwal, director, Redseer Strategy Consultants, an advisory firm. Sanghvi argues that the move overseas will help Good Glamm tap into a wider target market. “Launching in the US has allowed us to create a global distribution platform, which allows us to take