Good Glamm Group receives default notices over unpaid acquisition debts
What's the story
The Good Glamm Group, a content-to-commerce company, has been served default notices by the founders of Sirona Hygiene and The Moms Co, as well as the Indian Angel Network (IAN). The notices allege that Good Glamm failed to complete the final payments for its 2021 acquisitions of these companies. The final installment of these payments was due in January but remains unpaid as of now.
Acquisition fallout
Takeover details and unsettled payments
In 2021, Good Glamm acquired Sirona Hygiene, a feminine hygiene start-up for ₹100 crore, and The Moms Co, a mother and baby healthcare firm, for ₹500 crore. Between 2020 and 2021, the company acquired over 10 start-ups in consumer goods and media, including ScoopWhoop and MissMalini. Several other founders have also reportedly approached Good Glamm with similar complaints about unsettled dues amounting to ₹130-160 crore.
Company stance
Good Glamm Group's response to default notices
In response to the allegations, Good Glamm Group asserts that it is in "compliance with its contractual obligations and payouts to the promoters are in accordance with the contractual terms." The company refrained from commenting on any specifics, citing confidentiality obligations. The group operates in various sectors including beauty and personal care brands, and media platforms under The Good Brands Co and The Good Media Co, respectively.
Organizational shifts
Recent changes and future plans
The Good Glamm Group has recently undergone several changes, including the upcoming departure of Sukhleen Aneja, CEO of The Good Brand Co, in July. This follows the earlier exit of Priyanka Gill, co-founder responsible for the group's media business. The company has also introduced a new organizational structure to enhance efficiency. Over the past year, Good Glamm Group reduced marketing expenditures, discontinued discounts, and slashed its workforce, to ensure profitability before its scheduled public market debut in 2025.