- UAE-based direct-to-consumer (D2C) platform Millennial Brands, has raised $35 million in growth funding led by Global Emerging Markets Group with additional participation from Al Attiyah Group, Dash Ventures, Ishango Consulting, Rami Al Ali and other regional investors.
- Founded in 2018, Millennial Brands develops direct-to-consumer and digital beauty and personal care brands.
- The new funding will aid the D2C player to launch its new brand, developing its consumer technology as well as growing existing categories of its licensed brands
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, has secured a new round of growth funding led by a $35 million capital commitment from New York-based, Global Emerging Markets Group with additional participation from Al Attiyah Group, Dash Ventures, Ishango Consulting, Rami Al Ali and other regional investors.
Millennial Brands currently manages various brands across consumer and personal care categories, including body care, men grooming, hair care, baby care, and fragrances. The company serves thousands of consumers and generates a multi-million dollar turnover; it is managed by a team of 100 employees, with deep expertise in the strategic management and operations of a diversified portfolio of brands.
“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” said Amira Ali, General Manager on behalf of Millennial Brands.
The beauty and personal care sector in MENA, estimated at $21 billion (2021) according to Euromonitor, is the 2nd fastest growing market worldwide after Latin America. The region is home to 108 million young consumers (ages 18-25) who are socially connected and digitally savvy. The MENA e-commerce channel for the beauty and personal care category is expected to report a 35% CAGR by 2026.
The company established a proven venture creation expertise in terms of 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. O Boticário is the second largest Brazilian cosmetic company with a 6% market share in Latin America, according to Wikipedia.
Millennial Brands Aims to transform the retail and consumer industry in the Middle East with the launch of its own brands, and consumer technology as well as grow existing categories of licensed brands.