Marico to accumulate Vietnam’s Magnificence X

Marico, the maker of Saffola cooking oil and Parachute oil, will purchase the Vietnamese firm by means of its unit, Marico South-East Asia Corp., the corporate mentioned in a submitting to the exchanges.

The transaction is anticipated to be accomplished by 31 March, the corporate mentioned.

Magnificence X’s manufacturers embody a variety of premium hair care and skincare merchandise comparable to bathe gels, shampoos, conditioners, face wash, and lotions, amongst others. Ôliv, as an illustration, is positioned as an olive oil-based vary of merchandise for hair and pores and skin.

The announcement marks one more acquisition for Marico in Vietnam. Marico entered the market by buying an 85% fairness stake in Worldwide Client Merchandise Corp., which owns manufacturers comparable to X-Males, X-Males for Boss, L’ovite and Thuan Phat, in February 2011.

Marico sees an upside to the medium-term prospects of the wonder and private care class in Vietnam, mentioned Saugata Gupta, managing director and chief government.

“The addition of Purité de Prôvence and Ôliv presents a chance to considerably increase our play within the feminine magnificence and private care class and subsequently enhance our whole addressable market in a high-growth nation like Vietnam,” Gupta mentioned.

“Each manufacturers have established a definite pure proposition and scaled up profitably in a relatively brief span of time,” he added.The corporate expects to additional step-up development and profitability within the nation by investing in model constructing and leveraging numerous operational synergies with its present portfolio over the following few years, Gupta mentioned.