Carlyle Group buys majority stake in India's VLCC

Private-equity firm Carlyle Group said on Tuesday it acquired a majority stake in Indian beauty care and wellness solutions provider VLCC.

The equity for the transaction will come from funds managed and advised by entities affiliated with Carlyle Asia Partners, Carlyle said in a statement, without disclosing any financial terms.

VLCC founders Vandana Luthra and Mukesh Luthra will continue to hold a significant stake in the company, Carlyle said, without sharing further details.


Founded in 1989, the skin care and beauty product brand has a network of 210 retail clinics in 118 cities across 11 countries in South Asia, the Middle East and Africa.

Carlyle has invested more than $5.5 billion in over 40 transactions in India as of Sept. 30, 2022, the company said.

KPMG India was the adviser to VLCC and its founders.

India's beauty and personal care market has heated up post-COVID. In November last year, a unit of Indian oil-to-chemicals conglomerate Reliance Industries picked a majority stake in Naturals Salon & Spa.