THE WHAT? Local Egyptian company Egyptian Company for Cosmetics (ECC) has acquired beauty e-commerce platform Source Beauty, according to a report by Disrupt Africa.
THE DETAILS ECC has acquired a majority stake in the marketplace, which launched in 2018 and has 60,000 users.
The site is said to offer consumers products sourced from raw materials by female start-ups, and established and emerging brands.
Source beauty Founder and CEO Lydia Schoonderbeek will continue in her role, as well as taking on the role of Chief Creative Officer of ECC.
THE WHY? Schoonderbeek said, “The funds will reinforce an accelerated digital and physical marketing strategy to reach a broader customer base, enhancing customer retention and brand visibility as well as expanding the team.
“This strategic investment by ECC is a gamechanger for Source Beauty and we’re all hugely excited about the future. Since Source Beauty’s inception, I have been determined to change the beauty space in Egypt to truly address the needs of the Egyptian consumer.”