This is the second all-cash acquisition deal for Good Glamm Group-backed Sirona Hygiene in a year after it acquired self-defense brand Impower in 2022. Sirona sells female hygiene products including menstrual pain relief patches, period stain remover etc.
The Good Glamm Group- backed fem tech company Sirona Hygiene has acquired condom brand Bleu in an all-cash deal. Confirming the development to ET without divulging the size of the acquisition, Deep Bajaj, founder of Sirona said, “The acquisition of Bleu is in sync with Sirona’s objective of creating a portfolio of feminine care products in the sexual wellness space.” He said the brand would adopt an omnichannel scale strategy across online and offline retail.
The company will close FY23 at a revenue of Rs 100 crore, and it has projected sales of Rs 500 crore in two years, he said.This is the second all-cash acquisition deal for Sirona in one year after it acquired self-defense brand Impower last year. In March, Sirona Hygiene, which sells female hygiene products including menstrual pain relief patches, period stain remover, biodegradable sanitary napkins and menstrual cups, announced a Rs 5 crore ESOP buyback programme.
Komal Baldwa, founder of Bleu, which sells sexual wellness products such as non-toxic condoms, said the brand would be scaled up through the acquisition, and that it would continue to occupy the niche it has created in the feminine wellness space.
The $1.2 billion-valued Good Glamm group has interests in consumer goods and content creation and sells personal care and beauty products under brands MyGlamm, Organic Harvest, The Moms Co, St Botanica, and BabyChakra. Its content businesses include celebrity talent management platform MissMalini Entertainment and digital media platform ScoopWhoop. It also has a majority stake in media company Tweak India. It invested Rs 100 crore in funding in Sirona Hygiene two years ago.
Good Glamm has built its portfolio primarily through acquisitions. In 2021, the group completed buyouts worth $270 million. The group’s losses increased more than six times in the financial year ended March 2022, impacted mainly by costs of acquisition, materials and employee benefits. The year saw the content-to-commerce group pile up losses of Rs 272.9 crore, surging from Rs 43.6 crore in the previous financial year.
In March this year, the group inked a joint venture with actor Akshay Kumar to launch personal care and wellness products for men. The development came after plans to acquire the consumer care business of Raymond did not materialise.
India’s condom market size was valued at $0.69 billion in 2021 and is forecasted to reach $ 1.02 billion by 2029, growing at a compound annual growth rate of 5.1% in the period, according to global research and business consulting firm GreyViews. Mainstream brands include Kamasutra which was acquired last month by Godrej Consumer Products Ltd from Raymond’s, Reckitt Benckiser’s Durex and Mankind Pharma’s Manforce.