L'Oreal acquires Kenya beauty firm
Global cosmetic major L'Oreal announced it has acquired the Health and Beauty business of Interconsumer Products Limited (ICP) in Kenya from its founding shareholder.
With a turnover of approximately 15 million euros in 2012, ICP is a significant player on the Kenyan beauty market, with strong positions in the hair and skin care markets. The products are manufactured in Nairobi and sold in East African countries.
"This acquisition highlights the strategic importance of Africa for L'Oreal and demonstrates our confidence in this region and its market potential driven by a rising middle class, growing income and long tradition of beauty practices," said an official release on Monday.
"ICP's acquisition is an important milestone for L'Oreal in Kenya. It broadens our product offer with accessible brands, and strengthens the group's position in the mass market. This acquisition will also accelerate our development in Eastern Africa," said Geoff Skingsley, Executive Vice-President, Africa and Middle East Zone.
L'Oreal already owns and commercializes the brands of SoftSheen Carson, a leader of the Afro-specific market, across Africa.
Its operation in Kenya includes education for salons and hairdressers, and the development of improved retailing for beauty products.
"The acquisition of the ICP brands will extend our knowledge of the market and increase our reach in Kenya and provide a regional manufacturing base for expanded operations," said the company.
(Posted on 15-04-2013)