Godrej Consumer Products Ltd (GCPL) today announced that it is acquiring the hair extensions business of Frika Hair (Pty) Ltd in South Africa for an undisclosed sum.
This move is in line with Godrej's global strategy, targeting strong regional assets in the emerging world.
Frika Hair was established in 1997 and operates out of Cape Town. Its product range includes braids, synthetic weaves, human hair weaves and wigs and hairpieces.
A statement from the company said Frika Hair enjoyed a premium position in the South African market. It had strengths in Western Cape, Eastern Cape and Gauteng, and was the market leader in key accounts in organised retail.
In 2014, net sales of the company was around South African Rand (ZAR) 73 million.
"With its quality range of premium hair extensions, Frika provides a strong complementary addition to our Darling masstige portfolio. This acquisition reflects our continued commitment to scaling up our presence in Africa and providing African consumers with a wide range of superior quality products at affordable prices.
"We remain very excited by the tremendous potential of the African market and look forward to further building our business,” said Vivek Gambhir, managing director of GCPL.
GCPL's Africa business at present has annualised revenues of $200 million.
The company has been beefing up its presence in three emerging markets, which include Asia, Africa and Latin America across three categories of products such as home care, personal wash and hair care.
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