Emami, a leading fast-moving consumer goods (FMCG) company, is preparing to acquire a full 100% stake in the men’s grooming brand The Man Company, according to sources familiar with the matter, as reported by Entrackr. This acquisition marks Emami’s first complete purchase in the direct-to-consumer (D2C) sector, despite its previous investments in various D2C companies.
As of July 2022, Emami already held just over a 50% stake in The Man Company. Data from startup intelligence platform TheKredible reveals that co-founders Hitesh Dhingra, Parvesh Bareja, and Bhisam Bhateja collectively own around 35% of the company. Emami’s acquisition of a 33.09% stake occurred in two phases, in December 2017 and February 2019.
For the fiscal year ending March 2024, The Man Company reported revenues of Rs 185 crore, with 70% derived from e-commerce channels, including major marketplaces and its own website. The company reported EBITDA profitability with Rs 14 crore in FY24.
To date, The Man Company has raised a total of Rs 75 crore ($9 million). The Gurugram-based company competes primarily with Beardo, which Marico acquired in July 2020 for around Rs 350 crore. Beardo has not yet released its FY24 financials but achieved over Rs 100 crore in revenue for FY23. Another competitor, Ustraa, reported similar revenue figures for FY23.
