Emcure Pharmaceuticals executive director Namita Thapar is in the news for questioning the stigma surrounding men wearing makeup during a recent episode of Shark Tank India season 4. Rahul Shah, the founder of a makeup brand focused on men Yaan Man, came to pitch his business on the show.
During his pitch, Shah mentioned that he was introduced to the concept of men wearing makeup through his friends from other countries. The founder sought an investment of ₹60 lakh in exchange of 6 per cent equity.
SUGAR Cosmetics co-founder and CEO Vineeta Singh recounted her internship in the UK and said that it was common for her banker friends to wear concealers to hide their dark circles. "In contrast, in India, even in 2024, it is so difficult to convince the men in my life to even wear sunscreen."
The founder then went onto showcase his products to the 'sharks', following which boAt Lifestyle CMO Aman Gupta entered the conversation. Gupta said that there isn't anyone in his group who doesn't care about makeup.
The pitcher then mentioned that his brand plays on emotions and that they do not mention that it is makeup. After this, Thapar chimed in to make a larger point on the stigma around men wearing makeup.
"A lot of gay mean apply makeup, it is a very common thing. More like a cultural community thing. So do you think Aman's friends or a lot of other men don't put it because of the perception that gay men put it? So they shouldn't," the Emcure Pharmaceuticals executive director observed.
The founder agreed to Thapar's comments but Aman and Vineeta did not. Later, Shah revealed that he comes from a business family and his family business is worth around ₹500 crore. While his family business is focused on cotton and chemical trading, he wanted to do makeup.
He added that his family did not care much about what he was selling but were concerned about sales. Shah then explained that he compensates the losses incurred with his consulting business, where he makes around ₹20-25 lakh per month.
Anupam asks him what would he do after the funding from Shark Tank since his family has a business of around ₹500 crore already. "I would try to die down the consulting business. I am not sure at what cost I will end but I would navigate some way."
Namita wasn't pleased with the founder's approach of communicating the brand with his potential customers and thus, decided to walk out of the deal. Rahul Shah walked home with a deal at ₹1 crore for 20 per cent equity with Aman Gupta and Anupam Mittal.