Raymond Group, the leading manufacturer, marketer and retailer of worsted suiting fabrics & ready to wear apparel, has acquired Ansell's stake in a joint venture entity known as JK Ansell.
With this transaction, the sexual Wellness and personal care business will continue to remain in JK Ansell which will become a wholly owned subsidiary of JK Investo Trade India, a Raymond group company. As per the proposed deal, JKIT sells its stake in the gloves business to Pacific Dunlop Holdings Singapore (Ansell Group Company), a release said.
This acquisition will pave the way for Raymond to further scale up the FMCG business and unlock the immense potential of Brand KamaSutra globally. Raymond announced the formation of its FMCG group last year with a vision to be a player of choice amongst the new India, offering Premium products for Personal and Home Care categories, the release added.
Raymond Group forayed into the FMCG business in the year 1964 through its subsidiary JK Helene Curtis and is instrumental in launching various products in the male grooming space such as Park Avenue range of fragrances, soaps, shampoos, shaving foam and gel and a host of Homecare product offerings from Premium.
"As a part of our Raymond Re-Imagined journey, scaling up and creating a strong FMCG business is an important driver of value creation for the group. This acquisition of Ansell's 50% stake gives us the full ownership of Brand KamaSutra that strengthens our FMCG portfolio and is a step towards value creation," Raymond chairman and managing director Gautam Hari Singhania said.
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