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Actor Akshay Kumar has entered into a joint venture with the Good Glamm Group that will focus on offering personal care and wellness products for men. This marks the beauty unicorn’s foray into the fast-growing men’s grooming sector and will be Kumar’s latest venture as an entrepreneur.
Both the partners will invest capital in the business with plans to launch the products later this year.
The Sooryavanshi star owns a film production house Cape of Good Films and recently also launched his athleisure brand. According to the recently released Kroll Celebrity Brand Valuation Report 2022, the actor is the third most valued celebrity in India with a brand value of $153.6 million.
‘Deeply involved’
Darpan Sanghvi, Group Founder & CEO, The Good Glamm Group said, “Akshay will be deeply involved in the brand and product development . He epitomises hard work and has been following a disciplined personal care and wellness regime spanning yoga, martial arts, fitness, a healthy diet and more. We couldn’t think of a more authentic, trusted and knowledgeable partner to develop and launch this unique product line for men.”
He added that the products are expected to be launched within the next six months. “We will aim at a target revenue run-rate of ₹100 crore in the next one year and ₹500 crore in the next three years,” Sanghvi said.
The company had acquired ScoopWhoop in 2021, which is one of the largest male content platforms in India, with over 70 million male active users. “So we will replicate the content-to-commerce flywheel in the men’s segment too,” Sanghvi added.
‘Holistic wellness’
In a statement, Kumar said, “I have always wanted to create natural yet efficacious products based on all the learnings I have had and practised in holistic wellness. The Good Glamm Group has built some of India’s largest and most loved DTC beauty and personal care brands and is very unique in its content-creator-commerce strategy.”
According to the IMARC group, the Indian male grooming products market size was $2 billion in 2022 and is expected to touch $3.1 billion by 2028 growing at a CAGR of 8.2 per cent.
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