Marico Acquires Vietnamese Firm Beauty X Corp. For Rs 172 Crore
Beauty X, with a turnover of over Rs 82 crore in 2021, owns flagship brands such as Purité de Prôvence and Ôliv.
Marico Ltd. has acquired the Vietnamese firm Beauty X Corp. for about Rs 172 crore to strengthen its international business, which makes up about 23% of its total revenues.
Beauty X Corp., with a turnover of over Rs 82 crore in 2021, owns flagship brands such as Purité de Prôvence and Ôliv—a range of premium and differentiated hair and skin care products, mostly for women.
While the company already has presence in the male grooming market, with brands like X-Men, the latest acquisition will help expand its presence in the female personal care segment in Vietnam, the company said.
"The addition of Purité de Prôvence and Ôliv presents an opportunity to significantly expand our play in the female beauty and personal care category, and thereby increase our total addressable market in a high-growth country like Vietnam," said Saugata Gupta, managing director and chief executive officer at Marico.
"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.
Marico's international revenues stood at Rs 2,179 crore in FY22. The company aims to maintain operating margins at 20% and "double-digit" organic constant currency growth, it said in a recent investor presentation.
Its brand portfolio in the international market includes Parachute, Parachute Advansed, HairCode, Fiancée, Caivil, Hercules, Black Chic, Code 10, Ingwe, X-Men, Mediker SafeLife, Thuan Phat and Isoplus.
The transaction is expected to be completed by March 31, 2023, subject to requisite regulatory approvals and customary closing conditions.