On June 22, Thakral Corporation AWI announced it has invested in a 10% stake in Project Glow Topco, the parent company of its joint venture partner UK-based CurrentBody.com.
CurrentBody (CB) is a platform for at-home beauty devices that operates more than 20 in-country e-commerce retail stores (www.currentbody.com). CurrentBody’s CB Skin LED mask is worn by Lily Colins in the most recent season of “Emily in Paris” and trended at the Oscars. CurrentBody's Skin brand has also expanded to include products that address consumers’ eye, lip, or hair growth concerns.
Thakral’s investment in Glow Topco includes ordinary shares and preference shares in Glow Topco as well as interest-bearing loan notes issued by a wholly-owned subsidiary of Glow Topco. In consideration for its investment, Thakral will transfer its 50% stake in CB At-Home Beauty Holdings (CBT), the joint venture company that Thakral jointly set up with CB, and invest a further cash amount.
On the divestment of its initial investment in CBT, Thakral will recognise an immediate profit of $3.1 million, including the year-to-date share of profit recognised on the joint venture. Additionally, Thakral will also transfer to CB, loan notes issued to it by CBT for additional interest-bearing loan notes of equivalent value.
Under the terms of the preference shares in Glow Topco issued to Thakral, Thakral will receive a preference sum of about $2.2 million (equivalent of GBP1.3 million), subject to the fulfilment of certain conditions. Thakral will be entitled to appoint a director and an observer to the board of Glow Topco. This deal will increase alignment of interest between CB and Thakral and focus on strong growth going forward. Thakral intends to make its extensive network in Asia available to CurrentBody to support its plans to expand regionally.
