Marico Ltd, a Mumbai-based personal care products maker, has acquired hair styling brand, Code 10, from Colgate-Palmolive Company. The deal has been struck through its recently incorporated step-down subsidiary Marico Malaysia Sdn Bhd in Malaysia. The value of the deal was not disclosed.
The deal marks Marico's entry into the Malaysian hair styling market, it said in a statement. As per Marico, the Malaysian hair styling market is estimated to be about RM 150 million ($43 million) in size. The Code 10 range comprises of hair creams and gels and is the number three players in the country with a double-digit market share. Marico’s presence in Malaysia has been through its coconut oil brands Parachute and Nihar.
“Code 10 brings strong consumer equity. It provides us with a platform in the south east Asian market, and we look forward to a faster organic growth in this region,” Vijay Subramaniam, CEO, International Business, Marico said in a statement.
Globally, Marico has a strong presence in hair care category, which together with skin care and healthy foods generated a turnover of about Rs 2390 crore (about $478 million) during 2008-09. The brands including Parachute, Saffola, Sweekar, Hair & Care, Nihar, Shanti, Mediker, Revive, Manjal, Kaya, Aromatic, Fiancee, HairCode, Caivil and Black Chic in this category. The company is operational in Bangladesh and other SAARC (South Asian Association for Regional Cooperation) countries, the Middle East, Egypt and South Africa.