Vini Cosmetics completes Rs 4,600 crore stake sale to KKR
Deodorant maker Vini Cosmetics has completed its Rs 4,600 crore ($625 million) stake sale to global investment firm KKR.
Despite owning a majority stake in Vini Cosmetics, KKR confirmed that the founders Darshan Patel will continue to be chairman while Dipam Patel has been appointed as the vice-chairman.
Commenting on the investment, Darshan Patel in a statement said: “We are really excited to welcome KKR as a strategic shareholder in Vini, as we embark on the next stage of our growth journey. KKR's industry experience, deep expertise, and global network are invaluable resources to Vini and its long-term success.”
KKR's chief executive in India, Gaurav Trehan added: “As a strong leader in India's fast-growing personal care products market, Vini is a great example of innovative, dynamic homegrown Indian companies that KKR supports to reach their full potential.”
Founded in 2010, Vini manufactures, markets, and distributes branded deodorants, cosmetics and toiletries through its flagship brand Fogg besides labels such as Ossum and GlamUp. Its products are distributed through approximately 700,000 points of sale and 3,000 dealers.
Copyright © 2022 FashionNetwork.com All rights reserved.