Sunday, 18 September 2022

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STARTUP WATCH

Source Beauty sells majority stake to Egyptian Company for Cosmetics

Egyptian Company for Cosmetics (ECC) has acquired a majority stake in Egyptian online beauty store Source Beauty, according to a joint statement (pdf) out yesterday. The companies didn’t disclose the size of the stake or how much ECC invested in the business.

About the company: Launched in 2018, Source Beauty is an online beauty marketplace offering products from more than 85 local and international brands, and has 60k users. ECC — which counts Lorax Capital Partners among its minority shareholders — manufactures beauty and personal care products and owns haircare and skincare company Bobana and cosmeceuticals player Infinity Clinic Pharma.

No change at the top: Lydia Schoonderbeek, founder and CEO of Source Beauty, will continue in her role and also serve as ECC’s chief creative officer.

ADVISORS- Al Tamimi and HVK Stevens acted as local and international counsel to ECC while Van Campen Liem advised Source Beauty.