E-commerce

Wow Skin Science’s existential crisis: Fresh layoffs as funding attempts flounder

Pranav Balakrishnan

September 06, 2024 | 4 Min Read

After laying off a sizable chunk of its workforce in July last year, Chrys Capital- and GIC-backed Wow Skin Science has undertaken a fresh round of layoffs in recent weeks. Sources say the company only has a few months of runway left after several attempts to revive sliding sales failed.

During the pandemic, Wow Skin Science seemed destined for success. It had raised nearly $100 million from investors such as ChrysCapital and Singaporean sovereign wealth fund GIC. Indeed, the direct-to-consumer (D2C) beauty and personal care (BPC) brand was often mentioned in the same breath as Mamaearth, which has since enjoyed a successful public listing.

While Mamaearth has sustained its meteoric ascent, though, Wow Skin Science appears to be caught in a downward spiral and is struggling to keep its head above water.

In July 2023, The CapTable reported that the company had fired at least 50 people after its sales fell 24% in the year ended March 2023 (FY23) to Rs 258 crore, even as its losses widened 56% to Rs 136 crore. Internally, the company had projected a 20% fall in sales.

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