The Indian affiliate of US venture capital firm Sequoia Capital, has acquired Faces Cosmetics Canada, along with its international subsidiaries and the brand “Faces,” from Everstone Capital for $40 million, according to The Economic Times.
Launched in 1974, the Canadian color cosmetics startup is one of the top cosmetics and skincare brands in India, competing against global giants such as L’Oréal, Maybelline and Revlon.
“The colour cosmetics market is the fastest-growing category in personal care and we see a huge opportunity for the Faces brand,” said Abhay Pandey, Managing Director, Sequoia Capital India Advisors. “The Sequoia team will work with the Faces management to make significant investments and deploy operational expertise to unlock the brand’s full potential as well as expand its portfolio and reach.”
The existing management team at Faces, led by Sharmili Rajput, will continue to drive the business, and Everstone managing director Rajev Shukla will retain his personal stake in the company.