Indian consumer giant Marico acquires Vietnam’s Beauty X

India's leading consumer products maker Marico Ltd has agreed to acquire 100% of Vietnam’s Beauty X Corp. to expand its presence in the country, Marico said Friday.

The transaction, worth VND493 billion ($20.91 million), is expected to be completed by March 31, 2023, subject to requisite regulatory approvals and customary closing conditions, the Indian giant said.

Its wholly-owned subsidiary Marico South-East Asia Corp. (MSEA) has entered a definitive agreement with Beauty X for the acquisition, Marico said in a filing to the exchanges it lists on - the Bombay Stock Exchange and National Stock Exchange of India Limited.

Ho Chi Minh City-based Beauty X operates in the beauty and personal care space offering products like shower gel, shampoo, conditioner, face wash, and lotions. It owns women’s personal care brands Purité de Prôvence, and Ôliv, which is positioned as an olive oil-based range of products for hair and skin.

The deal is yet another acquisition for Marico in Vietnam, a market the Indian multinational entered in 2011 by acquiring an 85% stake in International Consumer Products Corp. The Vietnamese maker, often called ICP, is well-known for its brands like X-Men, X-Men for Boss, L’ovite, and Thuan Phat.

Marico sees an upside to the medium-term prospects of the beauty and personal care category in Vietnam, said its CEO Saugata Gupta.

The Mumbai-headquartered company expects to further step-up growth and profitability in Vietnam by investing in brand building and leveraging various operational synergies with its existing portfolio over the next few years, Gupta said.

In the fiscal year 2022, Marico recorded a turnover of $1.3 billion through its products sold in India and markets in Asia and Africa.