Mumbai, Sept 13 (UNI) Marico Group today announced its entry into the Rs 170 crore (USD 38 Million) hair-care market in Egypt through the brand Fiancee, hitherto owned by the Egypt-based Ready Group.
Announcing this, Marico's press release said the Fiancee range includes value-for-money hair creams and hair gels. Fiancee is a market leader and commands a share of about 20 per cent of the Egyptian Pound 215 million hair care market. The brand is a market leader in key segments such as gels and gel creams.
Marico`s acquisition gives it access to the manufacturing and sales infrastructure for the brand, nurtured by the Ready Group over the past 15 years or so.
The consideration for the deal will be paid out over the next 6 months in two tranches, based on the brand`s performance. The shareholders of Marico Ltd already approved a financing plan that envisaged funds upto Rs 500 crore being raised by way of debt or equity.
Ernst&Young India advised Marico on this transaction. The Ready Group was advised by HC Securities&Investment, Cairo, Egypt.
UNI SN PM VKG1737
Announcing this, Marico's press release said the Fiancee range includes value-for-money hair creams and hair gels. Fiancee is a market leader and commands a share of about 20 per cent of the Egyptian Pound 215 million hair care market. The brand is a market leader in key segments such as gels and gel creams.
Marico`s acquisition gives it access to the manufacturing and sales infrastructure for the brand, nurtured by the Ready Group over the past 15 years or so.
The consideration for the deal will be paid out over the next 6 months in two tranches, based on the brand`s performance. The shareholders of Marico Ltd already approved a financing plan that envisaged funds upto Rs 500 crore being raised by way of debt or equity.
Ernst&Young India advised Marico on this transaction. The Ready Group was advised by HC Securities&Investment, Cairo, Egypt.
UNI SN PM VKG1737
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