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FMCG firm Godrej Consumer Products Ltd (GCPL) today said it has completed acquisition of South Africa’s hair extensions firm Frika Hair (Pty) Ltd.
“The company has completed the acquisition of 100 per cent of the business of Frika Hair (Pty) Ltd in South Africa,” GCPL said in a BSE filing.
In January, GCPL had announced that it entered into an agreement with Frika Hair (Pty) Ltd for the acquisition of 100 per cent equity stake in its hair extensions business in South Africa.
GCPL’s Africa business currently has annualised revenues of $200 million.
The company has been acquiring brands, especially in the African continent, mostly targeting local firms in emerging markets.
It acquired 51 per cent stake in Darling South Africa in September 2011 and in Darling Mozambique in October 2011. Last week, the company hiked its stake in hair extension brand Darling South Africa and Mozambique businesses to 90 per cent.
Darling Group Holdings operates in 14 countries across Africa, selling hair extension products under brand names like ’Darling’ and ‘Amigos’
Besides having stake in Darling Group, GCPL had also acquired South Africa’s Kinky Group in 2008 and hair colour brand Rapidol in September 2006.
Kinky offers a variety of products, including hair, hair—braids, hair pieces, wigs and wefted pieces.
The Mumbai—based firm had also acquired Nigeria’s personal care brand Tura for an undisclosed sum in 2010.
Tura’s product range includes soaps, moisturising lotions and skin—toning creams.
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