Source Beauty Sells Majority Stake to Egyptian Company for Cosmetics
Founded in 2018 by Lydia Schoonderbeek, Source Beauty is a women-led one-stop shop that provides a variety of local and international beauty brands.
Source Beauty, an Egypt-based beauty platform, has been acquired by Egyptian Company for Cosmetics (ECC), a beauty and personal care manufacturer.
Founded in 2018 by Lydia Schoonderbeek, Source Beauty is a women-led one-stop shop that provides a variety of local and international beauty brands. The platform also features products sourced from raw materials by female startups, as well as providing an interactive space for established and emerging brands to showcase their products.
ECC’s acquisition of a majority stake helps offer enhanced services to Source Beauty’s clients, including new product innovation, and manufacturing know-how amongst others.
"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, founder and CEO of Source Beauty, tells StartupScene. “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.”
Schoonderbeek will continue in her role as CEO, in addition to assuming the role of Chief Creative Officer of ECC. According to the company, the beauty industry is growing exponentially in Egypt; it’s projected to reach a market volume of $187.70m by 2025.
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Feb 20, 2024