Fast-moving consumer goods maker Emami Ltd said on Monday it has agreed to pick up significant minority stake in professional beauty care products manufacturer Brillare Science Pvt Ltd.
The deal marks Emami’s foray into the professional salon segment, the company said in a stock-exchange filing.
As per the terms of the deal, Emami will invest through compulsory convertible preference shares in two tranches, which on conversion will result in 26% equity stake. It didn’t disclose the deal value, citing confidentiality reasons.
The Ahmedabad-based firm, which was launched in 2009 by Jigar Patel, offers premium hair and skin care products for use in professional salons. The company supplies cleansers, moisturisers, protectors, active boosters and other essentials to salon chains under three brands – Brillare Science, Elementi Puro and Root Deep.
Brillare has posted net sales of Rs 13 crore during the financial year 2016-17 as compared to nearly Rs 6 crore the year before.
“Brillare products are based on nature and science, resulting in high-quality innovative products that are the perfect answers to today’s discerning consumers, who do not hesitate to spend a little more on premium quality professional treatment,” said Harsha V Agarwal, director of Emami Ltd.
This was another diversification initiative by Emami in less than two months. Last December, the company forayed into male grooming segment by picking up 30% stake in Helios Lifestyle Pvt. Ltd, which owns the male grooming brand The Man Company. Emami also runs its other male grooming brands such as Fair and Handsome and HE.
Another player in the segment is Syona Cosmetics Pvt. Ltd, a Chennai-based company that offers cosmetics products and training services to salons and spas. It counts Chennai Angels among its investors.
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