Good Glamm breaks up as lenders initiate brand-wise asset sale
BENGALURU: Good Glamm Group's managing director and CEO Darpan Sanghvi has confirmed that the company will no longer operate as a single consumer goods entity, with lenders now enforcing their charge over individual brands in the portfolio.
In a LinkedIn post, Sanghvi said the group structure will be dismantled and assets sold separately, following failed attempts at refinancing, partial brand sales, or raising strategic capital. 'There will no longer be a group-wide solution… the brands will be sold one by one, and will operate individually,' he wrote.
The move follows months of financial stress and unsuccessful restructuring talks, marking the end of the group's vision to build a digital-first consumer goods conglomerate through acquisitions.
Its portfolio includes brands such as MyGlamm, Organic Harvest, Sirona, St. Botanica, The Moms Co. and BabyChakra.
Sanghvi, who has not exited or sold shares in the company, said he would personally allocate 25 per cent of all future earnings, from salary or equity gains, towards settling outstanding employee dues, in the event these are not cleared through the asset sale process. A mechanism for tracking this commitment is expected to be put in place in the coming months, he said.
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He also said he plans to set up a 'Good Glamm Restitution Fund' within 60 days, backed by equity from future ventures, to address potential losses faced by vendors and investors.
Sanghvi acknowledged that the outcome was within the lenders' rights and accepted responsibility for the decisions that led to the group's current position. The company's investors include marquee names such as Warburg Pincus, Amazon, Bessemer Venture Partners, Accel and Prosus.
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