Wipro acquires South African personal care company Canway
Wipro Consumer Care and Lighting (WCCL), the consumer care business of Wipro Ltd, has acquired South African personal care maker Canway Corporation.
With the acquisition, Wipro will be entering the lucrative personal care market in South Africa which is the largest in Africa.
Wipro has been acquiring companies to expand its international presence which has resulted in double-digit growth from these markets. It had acquired Philippines-based personal care brand Splash Corporation for in April this year.
With strong sales from international markets, Wipro had reported an overall revenue of Rs 7,150 crore ($1 billion) for the financial year 2018-19.
Commenting on the acquisition, Vineet Agrawal chief executive officer at WCCL in a statement said, “We are clear that we want a footprint in developing countries where we have a headway and penetration and consumption goes up. South Africa is a developing country with a per capita income of USD 6300, which is three times that of India. Canway has grown double-digit over the years. It gives us a tremendous base.”
“We have spent USD 950 million over the last 17 years on 12 acquisitions. This is the first time that WCCL has made two acquisitions this fiscal. The geographies are different and we are equipped to handle two acquisitions in a year now,” Agrawal added.
Durban-based Canway Corporation owns brands such as Oh So Heavenly, Iwori and IQ offering bath, shower, hand cream, body spray, and kids products.
Copyright © 2021 FashionNetwork.com All rights reserved.