 "Marico")
Marico on Friday said it will acquire Vietnam-based Beauty X Corporation, which owns female personal care brands 'Purit de Prvence' and 'liv', in an all-cash deal for 493 Billion Vietnamese Dong (about Rs 172 crore).
The move will help the homegrown-FMCG major to expand its presence in Vietnam.
Its wholly owned subsidiary, Marico South-East Asia Corporation (MSEA) has entered into a definitive agreement to acquire 100 per cent of Beauty X Corporation, a firm which operates in the beauty and personal care space offering products such as shower gels, shampoos, conditioners, face wash and lotions among others.
"The transaction will expand Marico's presence in the female personal care segment in Vietnam, with an offering of a range of premium and differentiated hair care and skin care products, while also realising various operational synergies," the company said.
The transaction is expected to be completed by March 31, 2023, subject to requisite regulatory approvals and customary closing conditions, Marico added.
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In 2021, Beauty X had a turnover of Rs 82 crore.
Marico MD and CEO Saugata Gupta said both brands have established a distinct natural proposition and scaled up profitably in a rather short span of time.
"We are buoyant about the medium-term prospects of the 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," he said.
In FY22, Marico recorded a turnover of USD 1.3 billion through its products sold in India and chosen markets in Asia and Africa.
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