Good Glamm Group Lays Off 15% Workforce In Profitability Quest Ahead Of IPO
This 'strategic initiative' marks the culmination of the company's final phase of team integration, it says.
The Good Glamm Group, which produces and sells personal care and cosmetic products, has laid off about 150 employees or 15% of its workforce as the unicorn tightens expenditures and restructures its top deck ahead of a planned initial public offering later this year.
The layoffs happened in the last 12–15 months and affected employees across various departments, according to a company spokesperson. The firm is also putting in place an organisational framework to optimise operations internally and eliminate redundancies.
"This strategic initiative marks the culmination of the company's final phase of team integration with a steadfast aim to be a profitable company in FY25," it said in a statement on Friday.
Good Glamm also announced multiple role elevations within the group, several of which come from its acquisitions. It went on a spree and acquired POPxo, Plixxo, BabyChakra, the Moms Co, ScoopWhoop and Tweak India in a bid to realise its content-to-commerce play.
It appointed Manan Jain as the group chief operating officer, Kartik Rao as the group chief people officer and senior vice president of Founder Initiatives and Ankita Bhardwaj as director of brand and marketing, among others. Recently the group had also announced the appointment of new Group Chief Financial Officer Kamal Lath.