Private equity firm Carlyle on Tuesday acquired a majority stake in homegrown skincare and beauty chain VLCC.

While the terms of the deal were not disclosed, equity for the transaction will come from funds managed and advised by entities affiliated with Carlyle Asia Partners, the U.S.-based PE firm says in a statement.

Founded in 1989 by Vandana and Mukesh Luthra, VLCC sells branded skincare products and specialised beauty and wellness services. VLCC founders will continue to hold a significant stake in the company.

VLCC has scaled its range of products and services across physical retail and digital channels, and expanded its network of clinics in tier-one and tier-two Indian cities.

Carlyle says the investment underscores its overall conviction in India's long-term economic and domestic consumption growth, which is characterised by product premiumisation and a shift in preference amongst the rising middle-class towards established brands.

"We plan to help VLCC accelerate growth through investments in brand building; product expansion; scaling its pan-India digital and e-commerce distribution channels; and expanding its local footprint of retail clinics. We look forward to working with VLCC's founders as we seek to strengthen the management team and draw on Carlyle's deep global consumer experience and network of senior advisors," says Amit Jain, managing director and co-head, Carlyle India Advisors.

VLCC will be appointing Gurveen Singh and J. Suresh as independent directors to the board. Singh retired as the chief human resources officer at Reckitt Benckiser and brings with her over 40 years of experience in talent development and HR solutions. Suresh, who recently retired as the managing director and CEO of Arvind Fashions and had started his career with Hindustan Unilever, brings to the team over four decades of experience in the consumer and retail sector.

Carlyle has invested more than $5.5 billion of equity in over 40 transactions in India as of September 30, 2022. The investment firm says their combined experience and sector expertise helps strengthen the Board and will help provide strategic guidance for VLCC's next phase of anticipated growth.

"We believe VLCC is well-positioned to capture a larger share of the fast-growing skincare, beauty and wellness market in the countries we operate in. We are delighted to have found in Carlyle a partner who shares our vision and plans for taking VLCC to its next level of growth. Carlyle's extensive global consumer sector experience, business partnership mindset, local market knowledge and high-caliber team make them the right partner to take the business to the next level," says VLCC co-founder Vandana.

VLCC claims it is currently a market leader in India for facial kits. It also provides aesthetic dermal treatments and weight management services across a network of 210 retail clinics in 118 cities and 11 countries in South Asia, the Middle East and Africa. In addition, it operates 100 skill development institutes in India, making it one of the largest providers of vocational training in the beauty and wellness sector in the country.

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