GCPL acquires 60% stake in Chilean hair care firm
The company said the acquisition is part of its strategy to strengthen its presence in the hair colour market in Latin American countries and further improve its penetration of its products in the region.
"Cosmetica Nacional is a natural addition to our earlier acquisitions- Argencos and Issue Group - in Latin America. The Chilean business will strengthen our presence in the region and set us on a firm footing to achieve our plans for Latin America," GCPL Chairman Adi Godrej said in a statement.
Founded in 1979 by Fernando Garcia, Cosmetica Nacional is a leading hair colorant and cosmetics company in Chile having sales of USD 36 million (over Rs 180 crore) in 2011. Some ofheritage brands include Ilicit, U2 and Pamela Grant.
The company is a market leader in the hair color segment in Chile, which is estimated to be USD 110 million, having volume market share of 30 percent, it added.
"We are delighted to establish this strategic alliance with GCPL. We believe that together we will be able to scale new heights in the LatAm region," Cosmetica Nacional Chief Executive Officer Fernando Garcia said.
In 2010, GCPL had bought out Latin America's Issue Group, a market leader in hair-colour in Argentina, Peru, Uruguay and Paraguay. In less than two weeks time, the firm acquired another Argentinian hair care company Argencos.
In the last couple of years, GCPL has been on an aggressive acquisition spree, buying companies in Nigeria, Indonesia, Malaysia particularly in the hair care and household insecticide space.