Godrej to pick 60 per cent stake in Chilean firm

FMCG firm Godrej Consumer Products (GCPL) 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. Founded in 1979 by Fernando Garcia, Cosmetica Nacional is a leading hair colorant and cosmetics company in Chile having sales of US$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 US$110 million, having volume market share of 30 per cent, it added.

In 2010, GCPL had bought out Latin America’s Issue Group, a market leader in hair-colour in Argentina, Peru, Uruguay and Paraguay. In less than two weeks time, the firm acquired another Argentinian hair care company Argencos.

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