Marico sees over $32 mln rev in FY12 from Vietnam buy
Indian personal care products maker Marico forayed into the Vietnam consumer market with its acquisition of International Consumer Products (ICP) on Friday and hopes to clock revenues of over $32 million through the buy in FY12.business Updated: Feb 18, 2011 21:00 IST
Indian personal care products maker Marico forayed into the Vietnam consumer market with its acquisition of International Consumer Products (ICP) on Friday and hopes to clock revenues of over $32 million through the buy in FY12.
The company, however, did not disclose the cost of the acquisition, citing confidentiality agreement.
ICP, which had a turnover of over $25 million in 2010, makes beauty and wellness products and has flagship brands such as X-men and L'ovite.
"The acquisition will give us a strong foothold in the fast growing consumer market of Vietnam.... The buy will contribute 15% to our international revenues," Vijay Subramaniam, chief executive, international business, said.
Marico's international business contributes 23% to its overall revenues. The company's total revenues in FY10 was 26.6 billion rupees.
Indian consumer goods firms are ramping up their international operations, by expanding their scope from marketing and distribution to outright acquisitions and setting up manufacturing bases.
ICP has been growing at a CAGR of 23% in the past three years and Marico hopes to maintain that rate of growth going forward, Subramaniam said.
Marico, which has been looking for acquisitions in Asia and Africa, had acquired Malaysian hair styling brand Code 10, Singapore-based skin care firm Derma Rx and South African health brand Ingwe in 2010.
In Oct-Dec, the company had posted a net profit of 695.3 million rupees as against 622 million rupees a year ago. Net sales grew 22 percent to 8.2 billion rupees.
($1= 45.19 rupees)