Good Glamm Group’s Darpan Sanghvi admits financial crisis after failed acquisition deal disrupts operations
In a candid and emotional LinkedIn post, Darpan Sanghvi, Managing Director and CEO of The Good Glamm Group, publicly apologized to employees for salary delays and operational disruptions caused by a failed acquisition deal late last year. The company, which has offices in India, Dubai, Singapore, and the United States, is now facing significant financial strain, impacting over 150 employees across key departments, reported timesofindia.indiatimes.com.
Sanghvi revealed that the company was on the brink of securing funds through the sale of one of its brands, but the deal collapsed at the last moment when the acquiring company’s CEO stepped down, derailing the transaction.
“It was a gut punch out of nowhere,” he wrote, adding that the setback triggered a chain of salary disruptions, payment defaults, and office closures
The April salaries of over 150 employees remain pending, with former staff claiming they haven’t received experience letters or final settlements. Some have even reportedly retained company-issued laptops until dues are cleared.
The Good Glamm Group has since shut down its Delhi office in Vasant Kunj and vacated its Mumbai office in Kurla West as part of broader cost-cutting measures. The CEO stated that the current team, though significantly smaller, is working to respond to employee queries and raise funds to stabilize operations.
Sanghvi acknowledged the emotional toll the situation has taken on everyone involved. “This company has been my life’s work… I carry this with me every day. It is my moral responsibility to resolve this for every employee, stakeholder, and lender. And I promise you: I will not stop until I do.”
