Mumbai: Godrej Consumer Products Ltd (GCPL) has completed the acquisition of 100 per cent stake in the Kinky Group (P) Ltd of South Africa (Kinky).
The acquisition has cost GCPL around $33 million (South African Rand 265 million)
'Kinky', one of the leaders in the South African hair business, is a 36 year-old company set up by a family of entrepreneurs in South Africa and has trademarks registered in South Africa.
Kinky offers a variety of products which include hair, hair braids, hair pieces, wigs and wefted pieces. Kinky also offers hair accessories like styling gels, hair sprays, oil free shampoo. The products are manufactured at plants Located in South Africa at Johannesburg and Durban and the final products are sold through cash-n-carry outlets and owned stores.
"We are very excited about this acquisition. It gives us the opportunity to enter into a new line of business and diversify our hair product portfolio. Through Kinky we can further expand our presence in South Africa where we are already present with our acquisition of Rapidol (Pty) Ltd, Adi Godrej, chairman and managing director of GCPL, said.
Kinky is GCPL's second acquisition in South Africa and would help expand its presence in South Africa
Through the acquisition of Rapidol in September 2006, GCPL had establish a presence in South Africa. Rapidol's distribution network is spread across South Africa and other African nations.