Consumer goods company, Marico Ltd has bought 85 percent of International Consumer Products (ICP), a Vietnam-based company for an undisclosed sum.
ICP’s X-Men brand has a 35 percent share in the Rs300 crore men’s shampoo market and at least a 25 perent share in the men’s deodorant and shower gels market in Vietnam. The buying out is the latest in a string of acquisitions for Marico. In January, it bought Malaysian hairstyling brand Code 10.
Said Vijay Subramaniam, chief executive of the international business group at Marico,“We are looking to grow organically and inorganically in Asia and Africa and the acquisition strengthens our participation in the male grooming business.”
Phan Quoc Cong, founder of ICP, will remain on the company’s board with a 15 percent stake and will continue as the company’s CEO for three years.