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.

The Mannheim-based D2C company Grenion is buying Hellobody, Banana Beauty and Mermaid + Me from Düsseldorf-based consumer goods group Henkel. Henkel previously held a 75 percent stake in the brands, as Deutsche-Startups reports. It is the first acquisition for the start-up Grenion, which was founded in 2018, and marks the start of a "buy & build" strategy, as co-founder Nik Myftari explains on Linkedin writes. Further acquisitions are therefore 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 together with his wife Fjolla.

Henkel only paid more than 300 million euros for the three brands in 2020. At that time, they had a combined turnover of 100 million euros and 180 employees. Beauty-Care is the smallest division at Henkel and had to struggle with severe problems during the coronavirus pandemic.

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