FMCG major Godrej Consumer Products Ltd (GCPL) today said it has fully acquired South Africa's hair extensions firm Frika Hair (Pty) for an undisclosed sum in order to consolidate its position in the South African market.
In a BSE filing, GCPL said "it has entered into an agreement with Frika Hair (Pty) Ltd for the acquisition of 100 percent equity stake in its hair extensions business in South Africa.
The acquisition of Frika, which reported net sales of 73 million rand (Rs 39.6 crore) last year, is expected to be EPS accretive, GCPL MD Vivek Gambhir told CNBC-TV18 in an interview, adding that the size of the Sub-Saharan haircare market stood at USD 1.2 billion.
Gambhir added that the company was open to further acquisitions in Indonesia, where it acquired the firm Megasari.
On the overall business, he said that volumes had improved over the last few weeks.