Glam­box Ac­quired by KSA Con­sor­tium

Arabnet - The Quarterly - - Industry Stories -

A Saudi Ara­bia-based con­sor­tium of in­vestors has ac­quired the beauty sub­scrip­tion ecom­merce com­pany, Glam­box Mid­dle East. They had pre­vi­ously raised over $4M in ven­ture cap­i­tal fund­ing from re­gional in­vestors in­clud­ing STC Ven­tures, MBC Ven­tures, R&R Ven­tures, and KSA strate­gic in­vestors. The Saudi con­sor­tium, which has ac­quired Glam­box, has di­ver­si­fied in­ter­ests in me­dia, re­tail and hospi­tal­ity and aims to drive the com­pany’s next phase of growth in Saudi Ara­bia, the GCC, and be­yond. Apos­to­los Bi­no­makis of Iliad Part­ners ad­vised the sell­ers on the trans­ac­tion as an in­de­pen­dent ad­vi­sor, with the share­hold­ers in­clud­ing the founders, STC Ven­tures, MBC Ven­tures and R&R Ven­tures sell­ing their stake to the new own­ers.co-founders and an­gel in­vestors Shant Ok­nayan, Fares Akkad, Chris­tos Mas­toras, and Marc Gho­briel launched the Dubai-based startup in 2012. Since 2012, Glam­box has ex­panded ge­o­graph­i­cally in both UAE and KSA ini­tially of­fer­ing women’s sub­scrip­tions. Ear­lier this year they in­tro­duced men’s sub­scrip­tions plus ven­tured into tra­di­tional ecom­merce. Glam­box es­tab­lished a strong brand in the mar­ket and was se­lected as a Top MENA Startup by Forbes Mag­a­zine in 2015, 2016 and 2017 amongst other awards. Glam­box has part­nered with over 200 brands and dis­trib­u­tors in the re­gion who keep re­turn­ing to work with them as an im­por­tant mar­ket­ing and sales chan­nel. The team notes that “Glam­box now has full op­er­a­tions in 2 coun­tries, its con­sumer base keeps grow­ing at light­ning speed (5x just in the past year!) and has an ex­pe­ri­enced, well-oiled team led by a strong CEO.”

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