The international business unit of Mumbai-headquartered Marico Ltd, which contributes 23 per cent to the firm’s overall revenues, has strengthened its presence in the male grooming segment with the acquisition of Vietnamese company International Consumer Products Corporation (ICP). The company on Friday announced that it had acquired equity of 85 per cent in ICP for an undisclosed sum.
The firm, whose turnover stood at Rs 110 crore in 2010, operates, among others, in the male grooming, cosmetics and condiments segments.
Male grooming is a significant contributor to ICP's revenues, and the brand X-Men is a major contributor in this segment, says Vijay Subramaniam, chief executive officer, international business, Marico.
“Male grooming is a strong core in our international business. The acquisition was a perfect fit in that sense. And we continue to look at opportunities in that space,” he says.
Last year, Marico acquired Colgate-Palmolive's male grooming brand, Code 10, in Malaysia. In 2007, it had wrapped up the acquisition of Hair Code, which is also into male grooming in Egypt.
Besides male grooming, Marico's international business also focuses on female grooming (through Parachute) and healthcare.
The company had acquired healthcare brand Ingwe in South Africa last year, before which it had also acquired a few other haircare and healthcare brands in the country.
Subramaniam says Marico will continue to focus on Africa and Asia for acquisitions. Apart from the buyouts, Marico also acquired soap brands Camillia and Aromatic in Bangladesh in 2005, and haircare brand, Fiancee, in Egypt in 2006.
The Marico scrip was trading up 0.44 per cent on Friday and closed at Rs 125 on the Bombay Stock Exchange.
