Faces Canada

Feb 19, 2025

Sequoia acquires cosmetic brand Faces Canada from Everstone Trending Sequoia acquires cosmetic brand Faces Canada from Everstone TNN / Updated: Aug 24, 2017, 09:45 IST Share Sequoia is expected to own around 98% in the company post the deal. MUMBAI: In a first such move by a venture capital fund, Sequoia Capital India has bought out a cosmetic firm Faces Canada from Everstone Capital. The deal is estimated to be $40 million in size with $10 million coming in as primary capital for the company while the rest will go to Everstone. In a statement on Wednesday, Sequoia said it has signed definitive agreements for the acquisition of Faces Cosmetics Canada, along with its international subsidiaries and the brand Faces, from Indivision India Partners managed by private equity fund Everstone Capital. The existing management team led by Sharmili Rajput will continue to drive the business forward. Sequoia is expected to own around 98% in the company post the deal. "We are excited that there was an opportunity to buy high ownership which allows Sequoia to provide greater operational support to the leadership team in key areas like marketing and distribution.The role of digital in consumer education is creating the opportunity for newer brands to grow rapidly even in developed markets. We expect this trend in India too and hence the opportunity for challenger brands," Abhay Pandey, MD at Sequoia Capital India told TOI. Faces is a Canadian cosmetics brand set up over 40 years ago with presence across countries in North America. It was acquired by Indivision India partners in 2007 and launched in India in December 2009. It has revenues of Rs 60 crore and competes with brands like Unilever's Lakmé, Maybelline and Colorbar in a domestic colour cosmetic market which is growing at 20% annually, one of the fastest in the consumer goods space. Sequoia an investor in Vini Cosmetics is looking to cash in on the growing demand of grooming products among Indians. The cosmetic brand has a presence in India through e-commerce sites, over 900 store-in-stores, 2,000 general trade stores. End of Article