Godrej Consumer Products Ltd (GCPL) has recently announced its acquisition of Raymond Consumer Care Limited’s (RCCL) FMCG business, which includes leading deodorant and sexual wellness brands in India, such as Park Avenue, KS, KamaSutra, and Premium. The acquisition will be done through a slump sale, with a cost of Rs 2,825 crore and is expected to be completed by May 10, 2023.
GCPL’s Managing Director and CEO, Sudhir Sitapati, expressed excitement in welcoming the Raymond Consumer Care team and brands to their company. He stated that this acquisition will help complement their business portfolio and growth strategy in under-penetrated categories, which offer a long runway of growth. Raymond Consumer Care is a renowned player in the deodorants and sexual wellness categories with leading brands like Park Avenue and KamaSutra.
Sitapati added that these categories have the potential to deliver double-digit multi-decade growth, given the low per capita consumption in India compared to similar emerging markets. In India, the per-capita consumption (USD) of deodorants is 0.4x that in Indonesia, 0.05x that in Brazil, and 0.04x that in the USA. The CEO also mentioned that they are looking forward to unlocking significant integration synergies with their business to build on this potential.
Atul Singh, Group Vice Chairman, Raymond Group, also shared his thoughts on the acquisition, stating that they take pride in building strong homegrown brands that are among the leaders in their categories. Singh believes that Godrej Consumer Products will provide the necessary impetus to further drive the growth of these brands.
About Godrej Consumer Products:
Headquartered in Mumbai, India, Godrej Consumer Products Ltd is a consumer goods company that offers a range of products including soap, hair colourants, toiletries, and liquid detergents.
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