Chennai, Dec 9 (IANS): India's consumer goods major Rs 95 billion turnover Marico Ltd's subsidiary Marico South-East Asia Corporation (MSEA) has inked an agreement to acquire Vietnamese Beauty X Corporation for about Rs 172 crore.
According to Marico, the Rs 82 crore turnover Vietnamese company Beauty X owns female personal care brands "Purite de Provence" and "Oliv", offering premium and differentiated hair care and skin care products like such as shower gels, shampoos, conditioners, face wash, lotions, among others in that country.
"The addition of Purite de Provence and Oliv 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, Managing Director and CEO, Marico.
The transaction is expected to be completed by March 31, 2023, subject to requisite regulatory approvals and customary closing conditions.
The purchase price will be paid in cash.
On the bourses, Marico's shares are changing hands at about Rs 523 on Friday after opening at Rs 513.15.