Daily Star Egypt

India's Marico buys Egyptian hair product brand

14th September, 2006

MUMBAI: Indian consumer goods maker Marico Ltd. said on Wednesday it had bought Fiancee, a hair care brand owned by Egypt's Ready Group, for an undisclosed sum.
  
    The Fiancee range includes hair creams and gels, and has a fifth of the total market, Marico said. The Egyptian haircare market is worth about 1.7 billion rupees ($37 million), Marico said in a statement.
 

    "This footprint in Egypt will help us widen our strides in the international hair care market," Marico group Chairman Harsh Mariwala said.
 

    The value of the acquisition will be paid out over the next six months in two tranches, Marico said. Reuters

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