Mumbai, April 2 (IANS) Godrej Consumer Products (GCPL) has entered into an agreement to acquire US-based Strength of Nature LLC (SON) which caters to the hair care needs of 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.
SON has a portfolio of 12 brands of hair care products, including African Pride, Dream Kids and ElastaQP, with significant presence in Africa and the Caribbean.
“We are excited about GCPL’s investment,” said SON’s founder and president Mario de la Guardia.
GCPL is the fast moving consumer goods (FMCG) arm of the $4 billion-Godrej Group.
“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,” said Godrej Group chairman Adi Godrej.
“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.
Speaking on company’s focus on Africa, Godrej said, “Our operating model has enabled us to build a strong business presence in Africa. Our businesses in the region have been outperforming and we aspire to now double our business in Africa in the next four years.”