Fast-moving consumer goods company, Hindustan Unilever Ltd (HUL) has recently acquired Glenmark, which is an intimate hygiene brand.
HUL has inked a concord with Glenmark Pharmaceuticals Ltd to buy its woman-focussed hygiene brand-VWash, VC Circle reported.
As part of the agreement, HUL will acquire VWashs business, the brand, trademarks, copyrights, and other associated know-how, VC Circle reported citing HULs official statement.
The acquisition is in line with HULs strategic intention of entering fast-growing segments in the premium beauty and personal care space and will also help the firm to enter the female-focused hygiene segment, the company said in its statement.
We look forward to completing the acquisition and strongly believe HUL is well-positioned to further scale up this business, given the strength of our market development and distribution capabilities, Sanjiv Mehta, Chairman, and Managing Director at HUL, said in an interview with VC Circle.
In another official statement, the Mumbai-headquartered company, Glenmark said it would get advance payment for the sale and sales royalties for 3 years, reported the cited media agency.
The decision to sell VWash was in line with its strategy of focussing on its core areas. Some of these focus areas for Glenmark include respiratory, dermatology and oncology, Glenmark president of India formulations, Middle East and Africa, Sujesh Vasudevan, said in an interview with the cited media agency.