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 >> Fashion

 
  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 35209 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 : tuc tuc launches its festive Celebration Collection adding a little sparkle to your child's wardrobe
Next Story : New Exclusive Designer Collections Now Available at O concept store
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
Skyline Book Fair 2018
The Bremont Waterman
Holiday hair: The best product to keep your locks smelling fresh and protected
ServeU to Take Huge Leap Forward with Smart Cleaning Robots
Emirates celebrates inaugural flight to London Stansted
Chronoswiss' Exclusive Limited Edition Flying Regulator Marks 31st Anniversary o...
Blackberry Key2: An Icon Reborn
Marchon Eyewear Summer 2018 Collections
The Future Takes The Past Tense
CSR Initiatives by Malabar Gold & Diamonds continues in full strength
du Distributes Eid Gifts at Al Jalila Children's Hospital
Consulate General of India Mr. Vipul came as CHIEF GUEST at the blood donation c...
DWTC events drive AED 12.7bn in economic value for Dubai, fuelling record 3.3% c...
Al-Futtaim ACE celebrates Eid with exciting offers and activities
24 hour Mega Sale at Dalma Mall!
Beauty on the Go
Purify Your Skin with Skin Republic
A Sparkling Gift Guide for Eid al-Fitr by Mouawad
Filorga introduces two new additions to its UV-BRONZE range offering a comprehen...
Al Ghandi Auto brings the most Affordable Electric Vehicle - Chevrolet Bolt EV -...
Skin Hydration is one of the primary challenges our skin faces in the UAE
Rapid renewal of smartphone portfolio brings next generation Nokia 5 and Nokia ...
New open-air member of the AMG GT family
Hamdan Bin Mohammed Heritage Center distributes Eidia on first day of Eid
Abu Dhabi Treats Eid Al Fitr Visitors to Shopping Bonanza with 90% Discounts Acr...
iVOOMi Smartphones Enter the UAE Market Exclusively on SOUQ.com
Hamilton Jazzmaster Maestro Auto Chrono
The Summer Just Got Sweeter with the New Palm Candy Collection from Max
Captivate Your Senses with Marks & Spencer's Exclusive Oud Collection
Crowe Horwath announces global rebrand to “Crowe” Sometimes a smart decision i...
Tissot Chrono XL Tour de France Special Edition Cycling just got big
Dubai to Witness the First Ever Jewellery Season With Grand Discounts and Surprises
Stylish men's watch - BU4018-11H - with rose gold case and black dial is a real ...
Great Moments Manero Flyback accompanies Swiss National Soccer Team To Russia
The Rado True Phospho wins 2018 Good Design Award®
The Lacoste Moon Collection
Axalta and Mohamed Naser Al Sayer Toyota Service Body Shop Go Green in Kuwait
Splash's ‘Life After Fashion' Campaign Breathes New Life into Old Garments
Eid Al Fitr, the FIFA World Cup and much more at Danat Al Ain Resort
Zulekha Hospital surgeon saves patient from losing normal hand functions
Eight Tips to Avoid Overindulging this Eid
Summer Romance in the air with Max's new seasonal Collection
Celebrate Eid Al-Fitr with Emaar Entertainment
Medeor 24x7 International Hospital, Al Ain - Quran Competition
DHA Hospitals becomes first in the Emirate to use clip technology by angiography...
Dubai Summer Surprises Calendar of Events Revealed
Ibn Battuta Mall debuts three international kids' shows this Eid Al Fitr and DSS
Celebrate Eid Al Fitr at Dubai Festival City
Liali Jewellery gets the Capillary Technologies boost to enhance customer engagement
Mido Baroncelli - A Trilogy of Limited Editions