PARIS — L’Oréal said it has acquired Kenyan beauty firm Interconsumer Products from its founding shareholder.
Terms of the deal were not disclosed.
Interconsumer’s products are made in Nairobi and sold in East African countries. Its revenues in 2012 were approximately 15 million euros, or $19.3 million at average exchange for the period.
“ICP’s acquisition is an important milestone for L’Oréal in Kenya,” stated Geoff Skingsley, executive vice president, Africa and Middle East zone at the French beauty giant. “It broadens our product offer with accessible brands and strengthens the group’s position in the mass market. The acquisition will also accelerate our development in Eastern Africa.”
Already in Africa, L’Oréal owns and sells the brands of SoftSheen Carson.