The Good Glamm Group bought manufacturers like Sirona, ScoopWhoop and Miss Malini earlier this 12 months. At its peak, the corporate operated over a dozen manufacturers throughout magnificence, wellness, private care, and content material. It now homes solely MyGlamm, Mothers Co, Natural Harvest, and St. Botanica.
With the present dismantling of the conglomerate, CEO Sanghvi mentioned that that is the final resort left for the startup after exploring a plethora of options like refinancing, partial model gross sales, strategic investments, amongst others
Within the three-part word, Sanghvi took full accountability for the collapse of the group’s technique. “Is that this what I hoped for? No. Is that this sudden? To be trustworthy, additionally No. Is that this the precise of the lenders? Sure. And because the founder, that is on me,” he mentioned.
“The choices, the alternatives that didn’t work, the dangers that didn’t repay… I perceive, simply saying ‘I’m sorry’ is just not sufficient. I take accountability, and accountability isn’t nearly reflection; it needs to be about dedication.”
In his word, Sanghvi mirrored on his journey with the conglomerate. “Good Glamm was my every part… I believed in it so deeply that I by no means did a secondary, by no means bought a single share. I used to be satisfied we’d construct this in direction of certainly one of India’s most celebrated IPOs. However immediately, that concern, that dread, has develop into my actuality,” he mentioned.
He ended the word by reaching out to fellow founders and staff. “It’s my ethical accountability to resolve this for each previous and current worker, and for each stakeholder, whether or not it’s our lenders, distributors, or our fairness shareholders, and set issues proper.”
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