The Hindu Business Line : Marico buys hair care brand HairCode

The Marico Group has acquired, for an undisclosed sum, the hair care brand HairCode of Cairo-based Pyramid Group, the company announced in a statement on Wednesday.

Under the terms of the alliance, Marico will also invest in a manufacturing company in Egypt.

Meanwhile, Pyramid will continue to distribute HairCode for the medium term. Pyramid has also signed a non-compete agreement with Marico.

HairCode, which includes hair creams and hair gels, currently has a 23 per cent share of the market according to Marico's chief financial officer Mr Milind Sarwate.

The acquisition of HairCode comes three months after Marico acquired Fiancee in Egpyt. The two brands combined give Marico a 50 per cent plus share of the hair care market in Egypt with a combined turnover close to Rs 110 crore, the official added.

The acquisition of HairCode will allow Marico to significantly leverage its resources in Egypt, Mr Sarwate said.

"The two brands combined will give us a turnover of over Rs 100 crore, which is a sizeable package to manage," he added. "The acquisitions are part of our overall growth strategy."

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