Godrej Consumer Products acquires 30% stake in B:blunt hair salon chain

NEW DELHI: FMCG firm Godrej Consumer Products Ltd ( GCPL) today entered hair salon segment with acquisition of 30 per cent stake in Mumbai-based premium hair salon chain B:Blunt for an undisclosed sum.

"GCPL has entered into an agreement to acquire a 30 per cent stake in Bhabani Blunt Hair Dressing Pvt Ltd (B:blunt)," GCPL said in a BSE filing.

B:Blunt hair salon chain in run by siblings Adhuna Bhabani Akhtar, wife of Bollywood celebrity Farhan Akhtar, and Osh Bhabani.

"B:blunt is a premier hair salon company with one of the strongest consumer franchises in this space. Started in 2005, it has 17 outlets spread across Mumbai, New Delhi, Hyderabad, Pune, Indore Bangalore and Dubai.

GCL has in the past expressed interest in growing its hair care bsuiness. Its current hair care business is spread across the hair colour, hair dye, mehendi and hair oil products.

To grow its hair care bsuiness, GCPL acquired three hair care brands in Africa. GCPL had completed acquisition of 51 per cent stake in African hair care company Darling Group Holdings in September 2011. It also acquired South Africa's Kinky Group in 2008 and hair colour brand Rapidol in September 2006.

Shares of GCPL closed at Rs 873.10 apiece, down 0.58 per cent from its previous close on BSE.