FMCG major Godrej Consumer Products Ltd (GCPL) has announced its 100 per cent acquisition on South Africa's hair extensions firm Frika Hair for an undisclosed sum in order to consolidate its position in the South African market.
In a BSE filing, GCPL said has confirmed that it has 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.
Commenting on the acquisition, Vivek Gambhir, Managing Director, GCPL said, "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."
He further added, "We remain very excited by the tremendous potential of the African market and look forward to further building our business."
Presently, GCPL's Africa business 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. 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.
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.
Image curtesy: Frika Hair FB page
