EGYPT – Source Beauty, the first beauty platform located in Egypt, has acquired an investment from the Egyptian Company for Cosmetics, commonly known as ECC or ECC Group, in exchange for controlling ownership in the company.
ECC is one of the major producers of beauty and personal care products in Egypt and gives a significant potential for Source Beauty to deliver an upgraded service to its clients, including new product creation and manufacturing expertise, among others.
The company provides comprehensive production and distribution services for new, scientifically proven cosmetics in the United States.
“Lorax Capital Partners has just purchased a minority position in ECC and is supporting the company’s expansion efforts,” ECC said.
The investor further outlined that Lydia Schoonderbeek, the founder and Chief Executive Officer (CEO) of Source Beauty, will continue in her role as CEO, in addition to assuming the role of Chief Creative Officer of ECC.
“We are excited about Source Beauty’s role as part of the group and are equally excited about working with Lydia and her team to continue their journey in a market that is price sensitive and seeks sustainability,” Dr Ahmed Abo El Hamail, Co-Founder and Vice-Chairman of ECC added.
Source Beauty, which debuted in 2018, is a women-led one-stop beauty shop with over 85 local and international beauty brands and 60,000 users.
This marketplace offers clients an accessible, cheap option for beauty items in the nation and exposes them to products obtained from the finest raw materials by female entrepreneurs.
In addition, it gives both known and growing firms with the most remarkable interactive shop window.
Commenting on Source Beauty’s brand and Company values, Co-Founder and CEO of ECC Dr Mohamed Salah said they are delighted to back Lydia while noting that her continued role at Source Beauty as well as her new role at ECC complements the new chapter they are building for the group.
Founder of Source Beauty Lydia Schoonderbeek disclosed that the funds will reinforce an accelerated digital and physical marketing strategy to reach a broader customer base thus enhancing customer retention and brand visibility as well as expanding the team.
“This strategic investment by ECC is a game changer for Source Beauty and we’re 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,” she said.
She assured that the beauty platform will continue to develop and work towards becoming Egypt’s largest multi-brand online beauty retailer, adding that the partnership with ECC will help the platform to achieve set targets.