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 40230 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
Purely Pandora Classics With a Twist
Tryano Launches Elemis
Festive Gifting Guide
New 1948 Seamaster Watches Join the Ranks
Add a festive sparkle to your eyes with Palladio Beauty
The Geo-Graham Orrery Tourbillon presents a galaxy you can reach out and wear Ge...
Amp up your skincare routine with The Organic Pharmacy's new corrective serums
Parmigiani Fleurier, new Friends of the Brand – ice-hockey superstar, Evgeniy Ma...
Hour Choice presents Coach Park Collection
Certina DS PH200M collection
Joyalukkas brings joy to hundreds around the world with gold bar giveaway this f...
Tissot T-Race Marc Marquez
LACOSTE presents its new Legacy collection
Oh So Heavenly! Bath Sets from Glambeaute.com that make a great gift this festi...
Sawalef Perfumes is now available at Mirdif City Centre
Souq.com's Biggest Ever White Friday Sale
Introducing Nokia 3.1 Plus to the UAE
Introducing the GUESS Holiday 2018 Collection
The Custodian of the Two Holy Mosques King Salman bin Abdulaziz honored Huawei w...
Zoho launches its cloud accounting software in Bahrain
The Ultimate Festive Guide For Little Ones
Puma Launches RS-X Toys
Kors Dubai: Michael Kors Celebrates A New Middle East Flagship Store and Specia...
Department of Culture and Tourism – Abu Dhabi Organises ‘Herfaty' Programme in A...
Puma Drops Cali in New Colorway
Jameel Arts Centre, Dubai opens with an ambitious set of exhibitions and program...
Jaguar F-Type Rally Cars Celebrate 70 Years of Sports Car Heritage
Superhero Color Runners Prove We Are All Unstoppable!
Alstom delivers first Dubai metro trainset on time
Audi Innovation Award Winner Announced at Dubai Design Week
Discovering the power of Accessorizing with Rebecca Minkoff
Special Olympics Will Create a Legacy of Inclusion Through Art
Celebrate a Month-long Festive Feast at Swissôtel Al Ghurair
Mademoiselle Longchamp
XTouch New XBone Bone Conduction Headphone Brings Safe and Convenient Experience
Turkish Airlines reached 83.4% Load Factor in October
Celebrated singer and songwriter Atif Aslam set to perform at BOLLYWOOD PARKS™ Dubai
Roda Hotels and Resorts named front-runner and pioneer of the regions hospitalit...
HE Abdulla Ali Bin Zayed Al-Falasi officially opens HR Summit & Expo 2018
Al-Futtaim Honda launches ‘The Great Escape' promotion
Ministry of Tolerance takes initiatives to promote and spread tolerance, coexist...
Huawei wins the First Place Prize of the King Khalid Responsible Competitiveness...
World Tolerance Summit gears up for its first staging
The Fourth Edition Of Dubai Design Week Is Now Open!
Shop, Stay and Unwind at Swissôtel Al Ghurair This UAE National Day
UAE nursery chain wins Global Award for Sustainability
Win Big this Winter with UAE Exchange
Dragon Mart gears up for a spectacular three-day Oman National Day celebration
Get ready for the great outdoors with Dragon Mart's Al Bawadi Camping Market
Minister of Community Development salutes Dubai Women's Triathlon participants