Good Glamm Group, the direct-to-consumer beauty and personal care conglomerate, has abandoned plans to acquire Raymond’s consumer care business due to a valuation mismatch.
The group was reportedly in talks to buy the patron care enterprise, which owns the Park Avenue and KamaSutra brands, for 2,500-2,800 crore in cash and stock. When contacted, Darpan Sanghvi, co-founder and CEO of Good Glamm, stated that the company had called off a large transaction. He declined to elaborate, citing confidentiality clauses, but stated that there have been valuation disagreements.
