Consumer products and services company Marico today announced the acquisition of an 85-per cent stake in International Consumer Products Corporation (ICP), marking its entry in the fast-growing Vietnam market.
ICP, which sells brands such as X-Men, L'Ovite, Thuan, Phat, is one of the most successful FMCG companies in Vietnam, with a significant presence in the personal care, beauty cosmetics and sauces/condiments category, Marico said in a release.
X-Men, a leading brand in the male grooming segment in Vietnam, is the second most trusted brand in the segment with a 35-per cent market share. The leading brand in the men's shampoo category, X-Men has also entered the deodorants and shower gels category recently.
L'Ovite, the company's premium cosmetics brand, ranks among the top 5 premium cosmetics brands in Vietnam. Thuan Phat is among the growing brands of rapidly-growing branded sauces and condiments in the country.
ICP's success owes to its co-founder Dr Cong, who nurtured a vibrant culture and highly engaged team. He will continue as the head of ICP post acquisition, Marico said.
"I am delighted at Marico's investment in ICP. I am confident that with Marico's learning from its success in India and other markets, we can take ICP to new heights together," said Dr Cang.