- ByStartupStory | April 19, 2024
The Good Glamm Group, a prominent content-to-commerce company, has announced a significant restructuring of its workforce, reducing its employee count by approximately 15% in line with a new organizational framework. The move comes as part of the company’s preparations for its Initial Public Offering (IPO), aimed at enhancing operational efficiency and accelerating growth.
Darpan Sanghvi, Group Founder and CEO of Good Glamm Group, stated, “With the Group on a distinctive growth trajectory and now approaching profitability, we are excited to unveil a systematic approach towards an Agile Organisational Framework that will allow us for faster execution in the run-up to our IPO.”
Over the past 15 months, the company has undertaken comprehensive team integration efforts, resulting in a 15% optimization of its workforce. This optimization was achieved through the successful integration of various acquired companies, accompanied by the promotion of individuals from these entities to senior group roles.
“As part of our commitment to fostering talent and empowering our team members, we have strategically appointed key individuals to leadership positions within the organization,” Sanghvi added.
Among the notable appointments are Manan Jain as the Group’s Chief Operating Officer, Kartik Rao as both the Group’s Chief People Officer and Senior Vice President of Founder Initiatives, and Ketan Bhatia as the Group Brand Director. Avalok Langer has been named the Group’s Chief Creative Officer, while Ajesh Narayanan assumes the role of Group Design Head.
Furthermore, Ashish Jadhav has been appointed as the Group Head of Product, and Ankita Bhardwaj as the Director of Brand and Marketing. Kamal Lath joins the leadership team as the new Group CFO.
In addition to the workforce optimization, the Good Glamm Group introduced the GlammSOP program, allowing high-performing employees to accelerate the vesting of their Employee Stock Ownership Plans (ESOPs) at the IPO. The company also announced a new target-based ESOP pool for senior management.
“Employee ownership is integral to our culture, and we are committed to rewarding our team members for their dedication and contributions,” Sanghvi emphasized.
The Good Glamm Group’s retention rate of its top 60 senior leaders has consistently exceeded 85% over the last two years, reflecting the organization’s commitment to talent retention and development.
The company’s new organizational framework aims to streamline collaboration, empower junior managers with controlled budgets for quicker decision-making, and flatten hierarchies to eliminate redundancies.
As part of its growth strategy, the Good Glamm Group is preparing for a public market listing in October 2025, with global expansion as a focal point. The company expects its international business to contribute significantly to its overall group revenue by the end of next year.
Earlier this month, the Good Glamm Group announced a joint venture with American entrepreneur and former tennis player Serena Williams to launch a makeup line, signaling its foray into the US market.
With these strategic initiatives in place, the Good Glamm Group is poised for continued success as it embarks on its journey towards the public markets.
