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Private Equity Firm Carlyle Takes Majority Stake in India’s VLCC

VLCC founders Vandana Luthra and Mukesh Luthra will continue to hold a significant stake in the company.

On Tuesday, the private equity firm Carlyle Group acquired a majority stake in Indian beauty care and wellness solutions provider VLCC.

The stake in the deal will come from funds managed and advised by Carlyle Asia Partners, Carlyle said in a statement, without disclosing any financial terms.

Carlyle said that VLCC founders Vandana Luthra and Mukesh Luthra would continue to hold a substantial stake in the company without giving further details.

Founded in 1989, the skincare and beauty products brand has 210 retail clinics in 118 cities across 11 countries in South Asia, the Middle East and Africa.

The firm said Carlyle had invested more than $5.5 billion in more than 40 deals in India since September 30, 2022. KPMG India is an advisor to VLCC and its founders.

India’s beauty and personal care market heats up post-COVID. A unit of Indian petrochemical group Reliance Industries took a majority stake in Naturals Salon & Spa last November.

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