Health and wellness brand VLCC has acquired a majority stake in Singapore-based Global Vantage Innovative Group (GVig), which owns and operates three companies that manufacture and retail a complete range of beauty & wellness products and solutions.
The GVig acquisition, which was completed late last month, is VLCC’s second overseas acquisition in less than a year and is in line with VLCC’s strategy to expand its presence in the wellness domain in overseas markets. In November 2012, VLCC bought a majority stake in Wyann International, a slimming and beauty services provider in Malaysia.
Although the company did not disclose the details of the deal, an Economic Times report says it has acquired 80 per cent stake in GVig for Rs 175-180 crore.
GVig is a provider of beauty and wellness solutions in the South-east Asia and operates through its three subsidiaries – BelleWave Cosmetics, Celblos Dermal Research Centre and Enavose Life Science Research.
Commenting on the development, Mukesh Luthra, chairman of the VLCC Group, said, “With GVig Singapore now and the Wyann Malaysia acquisition last year, VLCC will not just be in a strong position to offer beauty & wellness solutions and services to customers in Singapore and Malaysia, but across the entire region. VLCC will also be on a very good footing to obtain market leadership status in more countries.”
Luthra also pointed out that following the GVig acquisition, the VLCC Group would gain access to the company’s R&D laboratory and manufacturing facility in Singapore, which would enable VLCC to come up with wellness products and solutions at a faster pace. Currently, the VLCC Group has two factories in India located at Hardwar and Dehradun, with a third plant about to be commissioned in Bangladesh.
Quality-made in Switzerland, GVig subsidiary BelleWave Cosmetics markets superior lines of professional skincare products, namely BelleWave™ and SkinMTX™, and has a presence in 10 countries including Singapore, Malaysia, Vietnam, China, Hong Kong, Taiwan, Indonesia, the Philippines, Cambodia and South Korea.
Commenting on the strategic sale, Josephine Song, one of the promoter-directors of GVig and now the chief operating officer of the company, said, “We look forward to working closely with VLCC in providing innovative skincare and wellness products and solutions.”
(Edited by Sanghamitra Mandal)