Marico Limited said it has entered into a definitive agreement to acquire Vietnam-based personal care firm Beauty X Corporation for Rs172 crore.
Beauty X owns female personal care brands Purité de Prôvence and Ôliv, which offer a range of products such as shower gels, shampoos, conditioners, face wash, lotions, among others. The deal is done through its wholly owned subsidiary, Marico South-East Asia Corporation (MSEA) and is expected to be completed by March 31, 2023, subject to regulatory approvals.
“The addition of Purité de Prôvence and Ôliv presents an opportunity to significantly expand our play in the female beauty and personal care category and therefore increase our total addressable market in a high growth country like Vietnam. Both brands have established a distinct natural proposition and scaled up profitably in a rather short span of time,” said Saugata Gupta, MD and CEO, Marico. “We are buoyant about the medium-term prospects of beauty and personal care category in Vietnam and expect to further step up growth and profitability through investing in brand building and leveraging various operational synergies with our existing portfolio over the next few years.”
During the last calendar year, the Beauty X posted sales of Rs82 crore, a 4% decline. Marico’s International business contributes to about 23% of the group’s revenue, with brands such as Parachute, Fiancée, Caivil, Hercules and Isoplus.
Source: Economic Times