magnificence x company: Marico to purchase Vietnam-based private care agency Magnificence X Company for Rs 172 crore

Marico Limited mentioned it has entered right into a definitive settlement to amass Vietnam-based private care agency Beauty X Corporation for Rs172 crore.

Magnificence X owns female personal care brands Purité de Prôvence and Ôliv, which provide a variety of merchandise similar to bathe gels, shampoos, conditioners, face wash, lotions, amongst others. The deal is finished via its wholly owned subsidiary, Marico South-East Asia Corporation (MSEA) and is anticipated to be accomplished by March 31, 2023, topic to regulatory approvals.

“The addition of Purité de Prôvence and Ôliv presents a possibility to considerably increase our play within the feminine magnificence and private care class and subsequently improve our whole addressable market in a excessive progress nation like Vietnam. Each manufacturers have established a definite pure proposition and scaled up profitably in a slightly brief span of time,” mentioned Saugata Gupta, MD and CEO, Marico. “We’re buoyant in regards to the medium-term prospects of magnificence and private care class in Vietnam and anticipate to additional step up progress and profitability via investing in model constructing and leveraging numerous operational synergies with our present portfolio over the subsequent few years.”

Over the last calendar 12 months, the Magnificence X posted gross sales of Rs82 crore, a 4% decline. Marico’s Worldwide enterprise contributes to about 23% of the group’s income, with manufacturers similar to Parachute, Fiancée, Caivil, Hercules and Isoplus.