Beauty and personal care conglomerate Good Glamm Group on Wednesday reported a 185% increase in its losses in FY23 to Rs 917 crore as it focuses on profitability ahead of its IPO dreams.
In FY23, the company nearly doubled its total losses to Rs 916 crore from Rs 362.5 crore in FY22. During the same period, its operating revenue more than doubled to Rs 603 crore from Rs 211.4 crore a year ago, according to filings shared with the Ministry Of Corporate Affairs.
It logged a total income of Rs 638.5 crore after adding other income, while loss attributable to the parent stood at Rs 825.8 crore.
Good Glamm has multiple D2C brands in beauty and personal care space under its umbrella including brands under its umbrella including MyGlamm, The MomsCo, Sirona, Wyn Beauty, and St. Botanica. The company clocked the majority of its revenues from the sale of beauty products with total sale of goods coming in at Rs 560 crore, while it brought it Rs 40.6 crore from its services.
The company concluded its cost cutting measures in April and downsized its workforce by 15% in a bid to improve its bottom line. The company in a statement shared that it optimized its workforce by integrating roles between various acquired companies.
It is looking to launch its public offering in October 2024 and is focusing on profitability before listing on domestic bourses. It is banking on global expansion and international traction for growth and expects its international business to account for 25-35% of its overall group revenue by the end of 2026.
Under these efforts it tapped ex-Estee Lauder exec as global president, and it appointed Lauren Bloomer as President- International in June. Bloomer will also join the Board of Wyn Beauty by Serena Williams as the representative for the Good Glamm Group.
