Source Beauty, an Egyptian-based beauty platform, has been acquired by the Egyptian Company For Cosmetics (ECC), a beauty and personal care manufacturer.
The platform was launched in 2018 to provide customers with an affordable and available solution to beauty products in the country and expose them to products sourced from raw materials by female startups. It also provides established and emerging brands with an interactive shop window.
The acquisition of a majority stake will provide Source Beauty with new product innovation, and manufacturing know-how. The ECC group offers services in manufacturing and distributing scientifically proven innovative cosmetic products in Egypt.
Lydia Schoonderbeek, the founder and CEO of Source Beauty, will continue in her role as CEO, in addition to assuming the role of Chief Creative Officer of ECC.
“The funds will reinforce an accelerated digital and physical marketing strategy to reach a broader customer base, enhancing customer retention and brand visibility as well as expanding the team. This strategic investment by ECC is a game changer for us and we are all hugely excited about the future. Since Source Beauty’s inception, I have been determined to change the beauty space in Egypt to truly address the needs of the Egyptian consumer,” Schoonderbeek stated.
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