Cipla Health to buy cosmetics and personal care business of Ivia Beaute
The transaction is expected to be completed in 60 days, and the acquisition includes Ivia’s brands namely Astaberry, Ikin, and Bhimsaini on a worldwide basis.
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Cipla Health Limited India, which is the wholly owned subsidiary of Cipla, has signed a business transfer agreement (BTA) for purchase of the distribution and marketing business undertaking cosmetics and personal care business from Ivia Beaute Private Limited India.
The transaction is expected to be completed in 60 days, and the acquisition includes Ivia’s brands namely Astaberry, Ikin, and Bhimsaini on a worldwide basis. The transaction would enhance Cipla’s consumer healthcare and wellness portfolio. The cost of acquisition is Rs 130 crore on closing date and Rs 110 crore contingent upon achievement of certain financial parameters (milestones) for next 3 years.
"Building on its strong presence through a cluster of brands in Tier 2-6 towns, CHL is strengthening its play in the fast-growing beauty and personal care sector catering to the aspirational consumer of India. The growing adoption of beauty and personal care products in Indian households signals a prominent trend, positioning the market as crucial for CHL’s expansion efforts," the company said in a statement.
"With a brand legacy of over 16 years, Astaberry caters to consumers through a wide range of unique products to help them address their skincare needs. These brands complement CHL's offerings in the skin care segment and enriches the portfolio with trusted and effective solutions for consumers," the statement further added.
