THE WHAT? Indian e-commerce platform Purplle has announced the acquisition of cosmetics brand Faces Canada from Sequoia India, according to a report published by the Economic Times.
THE DETAILS Terms of the deal were not disclosed, although the transaction was dubbed ‘the largest acquisition of a make-up brand by a new-age beauty company in India’. The brand will sit alongside Purplle’s owned and acquired beauty brands, Carmesi, Good Vibes and NYbae.
THE WHY? Manish Tenja, Co-founder and CEO of Purplle.com told the Economic Times, “With a strong existing portfolio, this acquisition will elevate our make-up portfolio with international, high-quality innovative products. We will jointly scale to the next level tapping diverse set of consumers.”