Marico Ltd., which owns brands such as Beardo and Just Herbs, recently announced their acquisition of the Vietnamese firm Beauty X Corporation and signed a definitive agreement to buy the company for Rs. 172 crore. The transaction will be done in cash and is expected to be completed by March 21, 2023, according to the company.
The firm Beauty X owns the female personal care brands Purité de Prôvence and Ôliv, they provide a range of premium haircare and skincare products, such as shower gels, shampoos, conditioners, face washes, and lotions, among others. Beauty X’s brands generate an estimated Rs 82 crore in revenue last year.
Marico’s managing director and CEO, Saugata Gupta, stated that their company will get an opportunity to significantly expand their reach in female beauty and personal care category, not only that it will aid them to increase their total addressable market in the high growth country like Vietnam.
He further added that both parties have established a distinct natural proposition and are making plans to scale up profits within a short span of time. The company is expecting to further step up growth through investing in brands and building them, as well as leveraging their existing portfolio, in the next few years.