Global investment firm Carlyle on Tuesday said it has acquired a majority stake in homegrown skincare and beauty firm VLCC for an undisclosed amount.

Founded in 1989 by Vandana and Mukesh Luthra, VLCC operates in the skincare, beauty and wellness market with an integrated offering of branded skincare products and specialised beauty and wellness services. Though the “terms of the transaction were not disclosed”, a joint statement said VLCC’s founders “will continue to hold a significant stake in the company”.

However, reports pegged the deal to be valued at around $300 million (Rs 2,453 crore).

“The investment underscores Carlyle’s overall conviction in India’s long-term economic and domestic consumption growth, which the team believes is characterised by product premiumisation and a shift in preference among the rising middle-class towards established brands,” said a joint statement.

Carlyle India Advisors managing director and co-head Amit Jain said the firm plans to help VLCC accelerate growth through investments in brand building, product expansion, scaling its pan-India digital and e-commerce distribution channels.

VLCC founder Vandana Luthra said: “Carlyle’s extensive global consumer sector experience, business partnership mindset, local market knowledge and high-calibre team make them the right partner to take the business to the next level”. VLCC will appoint Gurveen Singh and J. Suresh as independent directors to the board.