FMCG firm Godrej Consumer Products (GCPL) on Saturday said it will acquire 60 per cent stake in Chilean hair colour firm Cosmetica Nacional for an undisclosed amount.
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,” said Mr Adi Godrej, Chairman, GCPL.
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 of its heritage 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 $110 million, having volume market share of 30 per cent, 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 Mr Fernando Garcia said.