Marico acquired 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. Marico bought the stake from Mekong Enterprise Fund II Ltd, managed by Mekong Capital and Bankinvest Vietnam (both private equity funds) and other individual shareholders who divested their shareholdings to Marico.
Bytes:-
- 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.
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