Marico buys HairCode brand in Egypt
Marico has entered into a strategic alliance with Cairo-based Pyramids Group for buying its hair care brand HairCode.
According to a release issued by Marico to the BSE today, HairCode is a leading brand in the Egyptian hair care market and its range includes hair creams and hair gels.
"The parties expect that they can grow the brand’s turnover from its current base to over Egyptian Pounds 50 Million in the next financial year," the release aded.
The deal, for an undisclosed consideration, envisages Marico making direct investment in a company with manufacturing facilities in Egypt apart from the acquisition of the brand HairCode.
The Pyramids Group will continue to distribute the brand for the medium term and has agreed for a non-compete in certain segments.
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