Marico eyeing acquisitions of beauty firms in Asia, Africa

MUMBAI: Fast moving consumer goods company Marico Industries is scouting for acquisitions in Asia and Africa in the beauty and wellness segment, chairman and managing director Harsh Mariwala said.

"We will try and look for acquisitions in the beauty and wellness segment. Broadly, we are looking at Asia and Africa. We may look at larger countries in terms of population like Egypt or South Africa, but a lot depends on the options available," Mariwala said.

Although he did not specify the amount earmarked for acquisitions or the nature of funding, Mariwala said valuations have still not corrected.

Marico and rival Godrej Consumer Products Ltd are rumoured to be eyeing UK-based skin care brand 'Simple'.

Mariwala, however, said that the company would be "a little hesitant to enter Britain because that market is different" and only emerging markets allow it to leverage its growth experience in India better.

BSE-listed Marico has a significant presence in most categories like coconut oil, hair oils, post wash hair care, anti-lice treatment, premium refined edible oils and niche fabric care among others.

The Rs 2,390-crore company has decided to increase spend on marketing and overall packaging for brands like Revive and Medicare, he said.