This acquisition is a further step to accelerate GCPL's global 3 by 3 strategy and scale up its presence in Africa by being at the forefront of serving the hair care needs of women of African descent
Godrej Consumer Products Ltd (GCPL) on Friday said it has signed an agreement to acquire Strength of Nature LLC (SON), a leading company of hair care products for women of African descent.
"This acquisition is a further step to accelerate GCPL's global 3 by 3 strategy and scale up its presence in Africa by being at the forefront of serving the hair care needs of women of African descent," the company said in a statement.
"The acquisition is expected to be EPS accretive for GCPL from year one itself," the statement said.
"Over the past few years, we have been scaling up our international presence with acquisitions that fit well in our 3 by 3 strategy a presence in emerging markets in Asia, Africa and Latin America through 3 core categories hair care, home care and personal care," Godrej Group Chairman Adi Godrej was quoted as saying in the statement.
"These strategic acquisitions have strongly aided our growth story. Through them, we have both extended our core businesses and implicitly broadened our presence to a wider canvas," Godrej said.
"We are delighted to welcome Strength of Nature into our fold. Strength of Nature enables us to further strengthen our foothold in Africa," Godrej added.
SON, a USA-based company with a significant presence in Africa and the Caribbean, is one of the fastest growing companies in the hair care category for women of African descent.
It is driven by its strong commitment to consumer understanding and product innovation.
SON has a compelling portfolio of heritage, category-leading brands in Wet Hair Care, across relaxers, maintenance, styling and shampoos. This includes iconic hair care brands with affordable and innovative products, which have been serving women of African descent across 50 countries.
Commenting on the acquisition, GCPL Managing Director, Vivek Gambhir said, "Strength of Nature has a strong track record of serving consumers across Africa and the USA through its robust portfolio of heritage, category leading brands. We look forward to leveraging its strong brand equity for our business."
Speaking on GCPL's focus on Africa, Godrej said, "Africa is a key part of our growth strategy and we strongly believe that it holds tremendous potential. Africa has more than half of the world s fastest growing economies, a fast growing middle class population and increasing urbanisation."
"Our operating model has enabled us to build a strong business presence in Africa. We have a good understanding of the African market and know what it takes to be successful in the region. Our businesses in the region have been outperforming and we aspire to now double our business in Africa in the next four years," Godrej said.
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