Sequoia India to purchase Canada’s Faces Cosmetics

Investment firm Sequoia Capital India has signed an agreement to purchase Canadian colour cosmetics brand Faces Cosmetics from Indivision India Partners.

Under the agreement, Sequoia will acquire the Faces Cosmetics brand and all of its international subsidiaries. The current management team led by Sharmili Rajput will continue to supervise the business.

With operations across North America, Faces Cosmetics was purchased by Indivision India partners in 2007 and introduced in India in December 2009, reported Business Standard.

Sequoia Capital India managing director Abhay Pandey was quoted by Business Standard as saying: “The colour cosmetics market is the fastest growing category in personal care and we see a huge opportunity for the Faces Cosmetics brand. 

“The Sequoia team will work with the Faces Cosmetics management to make significant investments and deploy operational expertise to unlock the brand’s full potential, as well as expand its portfolio and reach.”

In India, Faces Cosmetics operates in 80 cities through e-commerce sites, more than 900 store-in-stores, 2,000 general trade stores, and 13 exclusive brand outlets (EBO).

In a statement, Faces Cosmetics CEO Sharmili Rajput was quoted by media sources as saying: “Our aim is to grow our revenue by [five times] over the next five years through strengthening our geographic coverage, deepening our distribution, expanding the portfolio, and extending our iconic brand to adjacent skin care categories.”