Emami To Acquire Remaining 49.6% Stake In D2C Grooming Brand The Man Company For INR 177 Cr

FMCG major Emami is increasing its stake in D2C men’s grooming brand The Man Company to 100% via an all-cash deal.

Emami, which already held a 50.4% stake in the Delhi NCR-based startup, said it will acquire the remaining 49.6% stake for INR 177.63 Cr. 

Following the deal completion, Helios Lifestyle Pvt Ltd, the parent entity of The Man Company, will become a wholly owned subsidiary of Emami. The FMCG giant expects to complete the transaction within three months.

Founded in 2015 by Bhisham Bhateja, Hitesh Dhingra, Parvesh Kumar, and Rohit Chawla, The Man Company offers a range of men’s grooming products, including shampoos, body wash, beard oils, hair gels, and perfumes. 

In 2019, actor Ayushmann Khurrana also invested an undisclosed amount in the startup.

On the other hand, Emami is one of the leading legacy FMCG players in India in the personal and healthcare space. The company’s portfolio comprises over 300 products with some of the leading brands—Boroplus, Zandu, Navratna, Kesh King and Dermicool. 

The deal is expected to help the FMCG major further bolster its presence in the digital-first premium male grooming segment. 

Commenting on the announcement, Harsha V Agarwal, vice chairman and MD of Emami, said, “We had adopted the route of strategic investments in new-age startups very early to leverage online opportunities brought about by rapid digitalisation to incubate new engines of growth”.

In fact, Emami made its first such strategic investment in The Man Company back in 2017. The latter became its subsidiary in 2022.  

“These strategic investments help us to have footprints in emerging segments that align with evolving consumer preferences,” Agarwal added.

Meanwhile, Emami said that it plans to keep exploring more such opportunities for strategic investment that have synergies with its existing line of businesses.

“As we embarked on our journey, we noticed a shift in men’s grooming needs, with more men recognising the importance of looking and feeling their best. Seeing this untapped potential, we took the opportunity and started the brand and partnered with Emami as a strategic investor in 2017. Within a short span of time, ‘The Man Company’  has become a key player in the men’s grooming segment in India,” said Dhingra, cofounder of The Man Company.

The Man Company competes with the likes of Bombay Shaving Company, Ustraa, and Beardo, among others.

As per Emami’s exchange filing, The Man Company had a turnover of INR 183 Cr in the financial year 2023-24 (FY24), growing 59% from INR 115 Cr in the prior fiscal.

The Man Company is now also looking to become a global brand under Emami.

As per an Inc42 analysis, the Indian beauty and personal care space is projected to become a $28 Bn market opportunity by 2030, accounting for 7% of the overall ecommerce market.