FMCG company Godrej Consumer Products (GCPL), the makers of Cinthol soaps...
FMCG company Godrej Consumer Products (GCPL), the makers of Cinthol soaps, on Tuesday said it has acquired hair care company Frika Hair in South Africa for an undisclosed sum.
With this move, GCPL aims to have consolidated its presence in the hair extensions market in South Africa.
Frika Hair has a strong presence in the Western Cape, Eastern Cape and Gauteng regions of South Africa. In 2014, net sales of Frika Hair were approximately South African rand 73 million (R39.5 crore).
Announcing the news, Vivek Gambhir, managing director of GCPL said, ‘’This acquisition reflects our commitment to scaling up our presence in Africa and providing African consumers with a wide range of products at affordable prices. We look forward to further building our business in South African markets.’’ At present, GCPL’s Africa business has annualised revenues of $200 million.
In 2010, GCPL had acquired the Indonesia-based Megasari group, a leader in household insecticides, air fresheners and baby care. With the acquisition of Rapidol and Kinky in South Africa, and the Darling Group, a leading pan-Africa hair care company, Godrej has steadily built its presence in South African hair care markets.
In line with its 3X3 approach to international expansion, Godrej is building a presence in three emerging markets (Asia, Africa, Latin America) across three categories (home care, personal wash, hair care).