GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Lifestyle

 
  Share

Dubai, UAE, November 23, 2017:  GlamBox Middle East, the region's leading beauty subscription e-commerce company, announced today that the company has been acquired by a Saudi Arabia-based consortium of investors. 

The Dubai-based startup which was launched in 2012 by co-founders and angel investors Shant Oknayan, Fares Akkad, Christos Mastoras and Marc Ghobriel had previously raised over $4m in venture capital funding from regional investors including STC Ventures, MBC Ventures, R&R Ventures and KSA strategic investors.

Working closely with the GlamBox team, the co-founders led the company from an initial idea and a small startup in Dubai, to now the leading online beauty subscription service in the Middle East. In the past 5 years, GlamBox developed partnerships with 200+ leading international beauty brands, an e-commerce platform and operations in the UAE and KSA supported by an extensive payments, logistics and fulfillment network in the region, and built a large subscriber base of loyal customers. In the process, GlamBox established a strong brand in the market and was selected as a Top MENA Startup by Forbes Magazine in 2015, 2016 and 2017 amongst other awards. 

Co-founder Shant Oknayan, who was GlamBox CEO 2013-2014 and currently Head of E-commerce, Retail, Online Services and Media at Facebook, said “We are proud of what GlamBox achieved over the past five years – it was a remarkable journey and we are excited for the company's future growth under the new ownership”.

Co-founder Christos Mastoras, who is now Founder and Managing Partner of Iliad Partners, a Venture Capital firm that invests in early stage technology startups in MENA, said “This is a testament of what can be achieved with a strong team and operational execution. As GlamBox joins the growing list of successful MENA startups that have achieved an exit, this is an additional validation of the opportunity in tech and digital in the region”.

Co-founder Fares Akkad, currently Head of Media Partnerships at Facebook for Middle East and Africa, added “We saw an opportunity in e-commerce at a time when the industry was still very nascent in MENA. The space is now booming with the entrance of large players such as Amazon via its acquisition of Souq.com and the digitization of traditional retail groups”.  

Other GlamBox alumni have also gone on to hold senior strategic positions in leading corporations, digital companies and promising startups such as Uber, Visa and Designer24. 

The CEO of GlamBox, Matthieu Guinard, stated “We are excited about GlamBox's next phase of growth and regional expansion. The KSA consortium which has acquired GlamBox brings a wealth of knowledge and experience, particularly in Saudi Arabia, the region's largest beauty market”. Guinard, who joined GlamBox as CEO in 2016, launched a series of new initiatives – including a men's grooming subscription service and a GlamBox app, while enriching the core offering for female subscribers with top brands and new emerging products - and grew the company's subscriber base five-fold in the last year. 

The Saudi consortium which has acquired GlamBox has diversified interests in media, retail and hospitality and aims to drive the company's next phase of growth in Saudi Arabia, the GCC, and beyond. The sellers were advised on the transaction by Apostolos Binomakis of Iliad Partners as an independent advisor, with the shareholders including the founders, STC Ventures, MBC Ventures and R&R Ventures selling their stake to the new owners. 

Looking to the future, the GlamBox CEO added, “We will continue to delight our customers and bringing them the best of the beauty world to their doorstep, while exploring expansion into new markets and verticals”.



Posted by : GoDubai Editorial Team
Viewed 41090 times
Posted on : Thursday, November 23, 2017  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Tissot expands its boundaries with the opening of a new Boutique in Rome
Next Story : Monsieur Bovet Awarded at the Middle East Watch of the Year Awards 2017
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
The Rado DiaMaster Petite Seconde Automatic COSC The Rado watch at the top of th...
PopSockets launches a new collection with crystals from Swarovski, the must-have...
Maintain Healthy Skin Year Round
Free gold coins at Malabar Gold & Diamonds Festival
MIDO Baroncelli Lady Day & Night collection
24 Karat Gold Elixir by Mehrunisa Launches in the UAE Beauty Market
Interview with Asil Attar, CEO of Al Yasra Fashion
Holiday Gifting Made Easy with Wet n Wild Beauty Specials
Get Ready for Party Season with Lottie's new make-up hits
Tissot PR100 Lady Sport – Chic Glamourous Festive Season
Festive Gift Sets from Bubble T
Winter wool Christmas must- haves
Golden Mile Galleria's ‘A Cultural Flair' attracts hundreds of art lovers to Pal...
Samsung Galaxy A9 – Designed to capture the world in its fullest
New 1948 Seamaster Watches Join the Ranks'
Michael Kors Collection Transeason 2019 Press Presentation
Chic and Stylish Wraps with a 3 in 1 effortless concept
DKNY Launches (Limited Edition) Holiday 2018 Collection
9th Edition of China Homelife Exhibition to Have Over 3000 Exhibitors Across Bus...
New Menu alert: Moombai & Co. launches exciting and delicious food items to its menu
Tissot PR100 Lady Sport – Chic Sporty yet Feminine
Els Back for the 30th Omega Dubai Desert Classic Aiming for a Record Fourth Victory
Dubai Shopping Festival Wednesday Specials at The Smile Bar
Global Knowledge Index 2018 and The Future of Knowledge: A Foresight Report shin...
Get Party Ready with Champion Cleaners
Raja Al Gurg is one of Forbes Magazine's 100 most powerful women in the world
Santa is Coming to Town!
Nine winners honored by DQG for their innovative ideas at the 10th Global Contin...
UAE students win top awards at international math competition in Malaysia
Enjoy 11 exciting new street entertainment shows at BOLLYWOOD PARKS™ Dubai
Jury Announced for Epson's First Ever Win-A-Robot Competition in Europe, The Mid...
'Introducing the GUESS Jeans Fall 2018 Collection'
Spinneys Dubai 92 Cycle Challenge | Road Closure Timings
New ACH145 Mercedes-Benz Style Cabin Model Highlights First Presence at MEBAA fo...
No P-ain, No G-ain! Mega Musclemen Return to Dubai
Al Hosn Now Open to the Public
ICAEW recognises Middle East's best finance professionals
His Highness Sheikh Saud discusses collaboration with British Consul-General And...
It's a Wrap! The Second JLT Restaurant Awards Conclude with a Glitzy Ceremony At...
CBUAE and Central Bank of China meet to Enhance Renminbi Clearing in the UAE
Listen to the Autism Beat Gala Dinner at Atlantis - The Palm
Arla Foods launches initiative with UAE Ministry of Education to promote healthi...
CITIZEN's “#MyBetterStartsNow” campaign seeks out UAE's inspired and driven indi...
Young Emirati Champion Rashid Al Dhaheri Powers Ahead to Stunning Victory at the...
Joe's Backyard Opens at the Holiday Inn, Dubai Festival City
Julphar to Launch Wearable Insulin Delivery Device in GCC
Zayed Book Award Longlist Announced for ‘Young Author' Category (2018 - 2019)
Dubai Islamic Bank triumphs at Islamic Business and Finance Awards 2018
Al Ghurair Centre Teams Up With Nike to Support Its ‘We Play DXB' Campaign
University of Balamand Dubai and Emicool agree MoU for student scholarships