EGYPT – Source Beauty, the first beauty platform located in Egypt, has acquired an investment from ECC 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.
“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,” Lydia Schoonderbeek, the founder and CEO of Source Beauty said.
“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.”
Lydia 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 also 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.
“Source Beauty’s brand and Company values make it a great fit for us. We are delighted to back Lydia and believe that her continued role at Source Beauty as well as her new role at ECC complement the new chapter we are building for the group,” Dr Mohamed Salah, Co-Founder and CEO of ECC, said.
By 2025, the beauty sector in Egypt would have reached a market volume of US$187.70 million. Customers have become less reliant on imported beauty products as a result of factors such as the increasing customs on international beauty products and the high demand for variety, giving way to domestic manufacturers.
For the typical Egyptian beauty consumer, there is a pressing need to promote inclusion, sustainability, accessibility, and affordability.
“We will continue to develop and work towards becoming Egypt’s largest multi-brand online beauty retailer. We are confident that this partnership with ECC will get us there,” Lydia added.
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