Marico acquires Code 10 from Colgate-Palmolive

Marico has acquired the brand Code 10 and related Intellectual Property Rights through Marico Malaysia Sdn Bhd, a wholly owned subsidiary of Marico Middle East FZE, Marico CEO International Business, Vijay Subramaniam said.

"Code 10 brings strong consumer equity. We believe that this acquisition will help the company to chart a new growth trajectory in the Malaysian hair styling market," Subramaniam said.

The acquisition would provide Marico a platform in the South East Asian market, which will enable the company to grow faster organically in the region, Subramaniam said.
The companies also entered into a Transition Services Agreement, under which Colgate-Palmolive will continue to distribute the Code 10 range of products for a period of six months. Code 10 range consists of hair creams and gels.

According to Subramaniam, Malaysian hair styling market has a size of of Rs 200 crore and Code 10 is the third largest player in this segment, with a market share of over 10 per cent.

Presently, Marico has presence in Malaysia through its coconut oil brands-- Parachute and Nihar.

Its other brands include Parachute, Saffola, Sweekar, Hair and Care, Nihar, Shanti, Mediker, Revive, Manjal, Kaya, Aromatic, Fiancée, Hair Code, Caivil and Black Chic.