Wipro Consumer Care buys South African personal care firm
Wipro Consumer Care on Tuesday announced its acquisition of South African personal care firm Canway Corporation.
“The acquisition gives Wipro Consumer Care an entry into South Africa and other African markets. It is a milestone for us given our vision of being among the top three players in personal care in Asia and Africa,” Wipro Consumer Care and Lighting chief executive Vineet Agrawal told reporters.
The company, however, did not disclose the acquisition cost as it awaits regulatory approvals.
Canway is Wipro Consumer Care’s 12th acquisition in the past 16 years, bringing its brands such as ‘Oh So Heavenly’, ‘Iwori’ and ‘IQ’ into Wipro’s kitty.
Iwori is a brand which uses organic African ingredients in its products.
Canway owns a manufacturing plant and a research and development centre in Durban.
“This gives us the access to resources that will help us grow faster. It will enable us to unlock the true potential of our brands,” Canway founder and chief executive Andre Barnard said in the statement.
Barnard said Wipro shares Canway’s focus on creating brands with local insights and drive operational efficiency.
He is also confident of taking advantage of Wipro’s marketing expertise and international distribution network, which will catapult Canway’s geographical presence.
Raghav Swaminathan, Wipro Enterprises’ Chief Financial Officer said Canway’s acquisition helps Wipro Consumer Care in understanding the South African consumer, enabling the Indian company to expand ‘Oh So Heavenly’ brand to countries where Wipro has a strong footprint. Source: Bloomberg