Leading FMCG group Marico has acquired Ahmedabad-based men’s grooming startup, Beardo.
It has done so by acquiring ☝️an additional 55% equity share in Beardo’s parent company Zed Lifestyle.
Marico had acquired a 45% stake in Beardo in 2017 with an aim to 💪strengthen its presence in the men’s grooming segment.
More about Beardo
Beardo was founded by Ashutosh Valani and Priyank Shah in 2015🗓️.
It offers a range of products, including beard oils, beard washes, face washes, soaps🧼 etc.
It had a turnover of Rs. 78 crores in FY 2019-20.
Actor Suniel Shetty is among one of the investors💰 in Beardo.
Recently the company signed up Hrithik Roshan😎 to be its brand ambassador.
The Market Scenario
In the past, grooming services for men traditionally included only the basic haircut💇🏻♂️ and shaving products.
But lately, metrosexual men have become more conscious🤔 of grooming and are now demanding a far wider range of products and services.
As a result, major brands such as Veet, Emami, Urbanclap, etc have recently entered⏩ into the men’s grooming segment.
The e-commerce giant, Amazon has also reported a double-digit growth📈 in this category.
The size of men’s grooming market in India was Rs. 9,000 crores in 2016.
It is projected🧐 to reach Rs. 40,000 crores by 2021.