Godrej Consumer Products Ltd said it had acquired 100 per cent stake in South African hair extension firm Frika Hair for an undisclosed amount.

This acquisition helps GCPL in consolidating its presence in the hair extensions market in South Africa.

Frika Hair enjoys a premium position in the South African market. In 2014, net sales of the company was approximately ZAR 73 million.

Vivek Gambhir, Managing Director, GCPL, said, “With its quality range of premium hair extensions, the Frika range of hair extensions provides a complementary addition to our Darling masstige portfolio. This acquisition reflects our continued commitment to scaling up our presence in Africa and providing African consumers with a wide range of superior quality products at affordable prices. We remain very excited by the tremendous potential of the African market and look forward to further building our business.”

Frika’s portfolio of products include braids, synthetic weaves, human hair weaves and wigs, and hair-pieces. The company has a significant market presence and wholesale distribution capability in South Africa.

GCPL’s Africa business currently has annualised revenues of $200 million. This move is in line with GCPL’s global strategy targeting strong regional assets in the emerging world.

In line with its 3X3 approach to international expansion, Godrej is building a presence in three emerging markets (Asia, Africa, Latin America) across three categories (home care, personal wash, hair care).

In 2010, Godrej acquired the Indonesia-based Megasari group, a leader in household insecticides, air fresheners and baby care. With the acquisition of Rapidol and Kinky in South Africa, and the Darling Group, a leading pan-Africa hair care company, Godrej has built up a strong presence in the fast growing African hair care market.

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