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NEW DELHI : Marico Ltd on Friday said it has agreed to acquire Vietnam’s Beauty X Corp., the owner of women’s personal care brands Purité de Prôvence and Ôliv, for 172 crore.

Marico, the maker of Saffola cooking oil and Parachute oil, will buy the Vietnamese company through its unit, Marico South-East Asia Corp., the company said in a filing to the exchanges.

The transaction is expected to be completed by 31 March, the company said.

Beauty X’s brands include a range of premium hair care and skin care products such as shower gels, shampoos, conditioners, face wash, and lotions, among others. Ôliv, for instance, is positioned as an olive oil-based range of products for hair and skin.

The announcement marks yet another acquisition for Marico in Vietnam. Marico entered the market by acquiring an 85% equity stake in International Consumer Products Corp., which owns brands such as X-Men, X-Men for Boss, L’ovite and Thuan Phat, in February 2011.

Marico sees an upside to the medium-term prospects of the beauty and personal care category in Vietnam, said Saugata Gupta, managing director and chief executive.

“The addition of Purité de Prôvence and Ôliv presents an opportunity to significantly expand our play in the female beauty and personal care category and therefore increase our total addressable market in a high-growth country like Vietnam," Gupta said.

“Both brands have established a distinct natural proposition and scaled up profitably in a rather short span of time," he added.The company expects to further step-up growth and profitability in the country by investing in brand building and leveraging various operational synergies with its existing portfolio over the next few years, Gupta said.

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