Millennial Brands, an emerging consumer player specialising in launching and developing the next generation of direct-to-consumer and digital brands operating in the Middle East, raised $35 million in growth funding.
Consequently, the Global Emerging Markets Group led the funding with additional participation from Al Attiyah Group, Dash Ventures, Ishango Consulting, Rami Al Ali and other regional investors.
The funding will aid in launching its new brand, developing its consumer technology, and growing existing categories of its licensed brands.
Millennial Brands develops direct-to-consumer and digital beauty and personal care brands. The consumer player brand manages various brands across consumer and personal care categories, including body care, men grooming, hair care, baby care, and fragrances.
In addition, the company serves thousands of consumers and generates a multi-million dollar turnover; 100 employees manage it with deep expertise in the strategic management and operations of a diversified portfolio of brands.
Amira Ali, General Manager on behalf of Millennial Brands, said: “Millennial Brands is proud to receive the substantial financial support from international and local investors in this new age of consumer and retail, where expertise and talent are preferred over distribution based business models.
As a female-founded and led firm, we are delighted that the mindset is changing, as such global brands and sophisticated investors intersect with our belief and ability to execute on an emerging yet transformational business model with the goal to create a scarce and landmark brand in the region,” Ali added.
According to Euromonitor, the beauty and personal care sector in MENA, estimated at $21 billion (2021), is the 2nd fastest growing market worldwide after Latin America. However, 108 million young consumers (18-25 years) are socially connected and digitally savvy.
MENA e-commerce channel for the beauty and personal care category projects a report of 35% CAGR by 2026.
Meanwhile, the company established a proven venture creation expertise in launching emerging brands internationally, having previously developed and scaled a brownfield project under a licensing model with O Boticário, which they successfully introduced in UAE and Saudi Arabia.
According to Wikipedia, O Boticário is the second largest Brazilian cosmetic company with a 6% market share in Latin America.
Last Updated on August 23, 2022 by Safiya K
