Marico takes 85 pc equity in Vietnam''s ICP

Mumbai, Feb 18 (PTI) Marico, a leading Indian consumerproducts and services player in the beauty and wellness space,today said that it has taken an 85 per cent equity inVietnam''s International Consumer Products Corporation (ICP).

The cost of the acquisition was not disclosed.

Founded in 2001 by Dr Phan Quoc Cong and his partner,ICP achieved a turnover of a little over USD 25-million duringCY 2010 and its brands--X-Men, L�Ovite, Thuan Phat and others,have a significant presence across the personal care, beautycosmetics, and sauces/condiments categories, a press releaseissued here stated.

X-Men is a leading player in the male grooming segmentin Vietnam and with an over 35 per cent market share, leadsthe men�s shampoo category. X-Men has recently extended itspresence to other male grooming segments such as deodorantsand shower gels, the release said.

L�Ovite, the company''s premium cosmetics brand ranksamongst the top five premium cosmetics brands in Vietnam whileThuan Phat participates in the rapidly-growing branded saucesand condiments market in that country.

ICP has over the past decade, established itself as aleading domestic player in Vietnam''s personal care industry,the release said, adding that Dr Cong will continue to leadICP as its CEO. .