FOGG sold for $625 million πŸ’š

FOGG sold for $625 million πŸ’š

PE giant KKR made waves last night investing $625 million into Indian cosmetics player, Vini Cosmetics, making a bold bet on the rapidly heating Indian cosmetics market.

The deal offers KKR a majority 54% control, while liquidating Vini’s founders, to tell one of the hottest growth stories of the past decade.

Founded by siblings Darshan and Dipam Patel in 2010, Vini markets and sells a select portfolio of cosmetics and toiletries β€” best known for its brands FOGG (deodorant) and White Tone (facial products). 2019 revenues peaked at β‚Ή1,100 crores, before COVID made a dent (Vini mostly sells through offline vendors), but a forced shift to online helped save the day.

KKR obviously plans on leaning into the expertise of its own diverse portfolio of CPG brands, to push an ecommerce first growth agenda for Vini going forward.

Bottomline β€” this is THE largest buyout of a CPG company in India by a PE giant, a sign of the market and the segment's maturity.

Big picture β€” cosmetics is a $15B+ market in India, growing aggressively, with under 10% online penetration. Digital has shattered many barriers and unlocked opportunity, particularly for women customers. All eyes on the Nykaa IPO now!

Bring It On Mma GIF by UFC