Golden Scent Plans to Expand To Diversify their Operations on Beauty Products

Golden Scent is a leading Saudi Arabian E-commerce Beauty Platform which was established in 2014. The startup helps customers to easily access beauty products and premium perfumes. The platform realized a successful Series of A funding round in December 2017. Furthermore, it received the backing of top-tier vehicles like Saudi Aramco Entrepreneurship Ventures during the funding round. It also received the support of Wamda Capital and Raed Venture. These two are investment part of Almajdouie Holding. Furthermore, the platform announced its expansion plans into other regions.

The startup’s main aim is to make beauty products accessible to everyone. This is irrespective of the individual’s mobility and location. This becomes possible through online beauty boutique. The Golden Scent offers a wide variety of products for both men and women. Moreover, it assists businesses by providing them with a channel to get a wide customer base.

The startup realized an increase in its market by 10% between 2015 and 2016. Furthermore, management forecasts a tremendous growth over the next couple of years. This will be influenced by the consumer’s need to collectively spend $13.6 billion on their personal well-being in 2020. Moreover, the GCC women spend 6 times more than the French women on cosmetic annually. They also spend 4 times more than German women and the German market is the largest cosmetic market in Europe.

According to Euromonitor International’s research, the Middle East and Africa (MEA) will be the fastest growing region. This is in terms of personal care and beauty products. The current MEA’s market will also grow by 6.4%. Currently, the UAE and Saudi Arabian markets collectively account for a quarter of MEA’s market. The two markets will grow by 5.8% and 12% respectively. Moreover, Saudi Arabia leads in the overall sale markets. It has a national expenditure of $5.3 billion.

The platform receives more than 1 million visitors monthly. Moreover, the platform expects to expand more in 2018. Its expansion will be based on other brands that target the Saudi Arabian markets. Golden Scent is mostly used by the young population. It has also helped those who need the products but they stay out of the kingdoms major cities.