FMCG player Marico Industries on Friday said it has acquired 85 per cent stake in Vietnamese firm International Consumer Products for an undisclosed sum.

The company said the balance stake of 15 per cent in ICP will continue to be with the co-founder of the Vietnamese firm, Phan Quoc Cong for the next three years.

“International Consumer Products (ICP) is a strategic fit with Marico. It has a range of male grooming products, thereby strengthen our existing portfolio in the segment. Besides, Vietnam is one of the fastest growing market of South East Asia...,” Marico Chief Executive Officer (CEO) Mr Vijay Subramaniam told PTI. The company, however, did not give the financial details of the acquisition.

The acquisition will help Marico enter the male grooming products market in Vietnam, which is estimated to be around Rs 1,000 crore.

ICP has an annual turnover of over $25 million (about Rs 112 crore) selling brands like X-Men - a leading brand in the market, L’Ovite, Thuan Phat and others in the personal care, beauty cosmetics and sauces/condiments categories.

Asked if the company is also looking at introducing some of the products from ICP’s portfolio in India, he said Marico will look at the opportunity but at present it will focus on growing its business in Vietnam.

“Marico has a substantial presence in the male grooming segment. We will leverage the portfolio to grow the segment. Going forward, we will look at the opportunity of bringing (ICP’s) products in India,” he said.

Last year, Marico, which sells hair oil brands like Parachute and Nihar, bought hair styling brand “Code 10” from Colgate-Palmolive for an undisclosed amount.

Later, during the year the Mumbai-based firm also bought the aesthetics business of Singapore-based Derma Rx Asia Pacific (Derma Rx), through its wholly-owned subsidiary, Kaya Limited.

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