Grenion buys Hellobody, Banana Beauty and Mermaid + Me

The Mannheim-based start-up is taking over Henkel's brands. According to Grenion co-founder Nik Myftari, this is just the beginning of a "buy & build" strategy.

Mannheim-based D2C company Grenion is buying Hellobody, Banana Beauty and Mermaid + Me from Düsseldorf-based consumer goods group Henkel. The latter previously held a 75 percent stake in the brands, as German Startups reported. It is the first acquisition for startup Grenion, which was founded in 2018, and marks the beginning of a "buy & build" strategy, as co-founder Nik Myftari writes on Linkedin writes. So further acquisitions are likely. "This is a milestone that makes Grenion the leading platform for beauty and wellness brands for the future in Europe," writes Myftari, who built the company with his wife Fjolla.

Henkel paid more than 300 million euros for the three brands as recently as 2020. At that time, these came to a combined turnover of 100 million euros with 180 employees. Beauty Care is the smallest division at Henkel and struggled badly during the corona pandemic.

Hellobody, Banana Beauty and Mermaid + Me now join Grenion brands Myrapunzel, Sophie Rosenburg, Bitterliebe, Natuamo, Just Oyls and Rosental Organics. With the acquisitions, the startup is also opening a new office in Berlin. According to the company, Grenion is now active in seven European markets in all core areas of the beauty business.