BIA Brands, a fast-moving consumer goods (FMCG) company, has made a significant foray into skincare by acquiring Mumbai-based TrueKind. Although financial details are unknown, the acquisition marks BIA Brands’ debut in the skin care sector.
The strategic step taken by Hyderabad and Dubai-based BIA Brands involves the introduction of a diverse line-up of skincare products and cosmetics. Additionally, the company is targeting the creation of specialized product ranges explicitly tailored to cater to the preferences of its youthful customer base.
Formed in 2022 by Sudhakar Adapa and Anudeep Chappa, BIA Brands operates as a hub for multiple brands. They aim to grow and develop various brand collections, exceptionally nurturing globally recognized brands rooted in India. Karen Wilson Kumar, former manager of prestigious luxury brands Louis Vuitton and Ferragamo, has recently joined BIA Brands as the Chief Executive Officer of the Beauty and Personal Care (BPC) segment.
Kumar expressed his eagerness to lead the BPC division, which combines TruKind’s rich heritage with innovative ways to meet growing consumer demands while maintaining quality, effectiveness, and sustainability in its products.
Keshav Biyani and Prabhu Karthikeyan established TrueKind in 2021, focusing on providing a wide array of skincare solutions that are vegan and cruelty-free. Biyani showed trust in BIA Brands, affirming their dedication to maintaining TrueKind’s promise of delivering reliable skincare solutions. He anticipated significant growth under BIA Brands’ guidance.
Investor interest in FMCG-focused startups in India remains on the rise. Unilever Ventures, an arm of Unilever, recently injected INR 20 Cr ($2.4 Mn) into the beauty and personal care brand WishCare. This investment is directed towards enhancing research and development efforts, particularly in formulating high-performance products with clinically tested ingredients.
In 2022, India’s beauty and personal care market reached a value of $4 Bn. Projections indicate it might soar to $28 Bn by 2030, showing a remarkable 27% yearly growth rate, as per data. This rapid growth signals a strong path for the industry, offering excellent opportunities for pioneering ventures like BIA Brands’ recent move with TrueKind.
