Godrej Consumer Products is acquiring 100% stake in South Africa based hair extensions company, Frika Hair (Pty) Limited for an undisclosed amount.
The acquisition of the R40 Cr turnover company strengths and consolidates Godrej’s presence in Western Cape, Eastern Cape and Gauteng.
Established in 1997, the CapeTown based company offers a product portfolio consisting of braids, synthetic weaves, human hair weaves and wigs and hair-pieces.
The Frika Hair (Pty) Limited range will be a strong complementary addition to GCPL’s masstige portfolio under the Darling brand, Godrej said in a statement. Recently Godrej had announced that it is acquiring full control in Africa’s Darling Group Holdings by buying remaining 49% stake in the company.
Darling Group Holdings operates in 14 countries across Africa, selling hair extension products under brand names like Darling and Amigos.
Godrej had forayed into the niche hair styling segment, through Salon Selectives, the global brand, which is today a part of the UK-based Keyline Brands, the Group’s first international acquisition in 2005.
The company has been shopping to enhance its presence in the hair care segment. It had acquired three hair care brands in Africa including 51 % stake in African hair care company Darling Group Holdings in September 2011, South Africa’s Kinky Group in 2008 and hair colour brand Rapidol in September 2006.
GCPL’s Africa business currently has annualised revenues of $ 200 Mn.
In the Indian market it acquired 30% stake in premier hair salon company, Bhabani Blunt Hair Dressing Private Limited. Source: Deal Curry