Leading local beauty firm ECC acquired Egyptian beauty e-commerce platform Source Beauty
One of Egypt’s top producers of cosmetics and personal care products, the Egyptian Company for Cosmetics (ECC), purchased the bulk of the Egyptian beauty e-commerce site Source Beauty.
With over 85 domestic and foreign beauty companies, 60,000 users, and a 2018 launch, Source Beauty is a women-led one-stop store. Customers may buy beauty goods on the market for a low price, and it makes them aware of female start-ups using the highest-quality raw ingredients to make their products. Additionally, it offers an interactive shop window for both well-known and newer products.
The ECC, on the other hand, provides comprehensive services in the production and marketing of cutting-edge cosmetic goods with scientific validation. Lorax Capital Partners, a venture capital firm, has bought a sizeable minority position in ECC and is helping with its growth strategies.
With the help of manufacturing expertise and new product innovation, the purchase of Source Beauty offers a significant potential to provide Source Beauty’s customers with improved service. Lydia Schoonderbeek, the creator and CEO of Source Beauty, will keep up her responsibilities while also taking on the position of the chief creative officer at 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,” she 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.”
The co-founder and vice-chairman of ECC, Dr. Ahmed Abo El Hamail, said Source Beauty was a wonderful fit because of its brand and corporate principles.
“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,” he said.
