L'Oréal announced it has acquired the health and beauty business of Interconsumer Products Limited (ICP) in Kenya from from its founding shareholder. With a share of approximately €15 million in 2012, ICP is a significant player in the Kenyan beauty market, with strong positions in the hair and skin care markets. The products are manufactured in Nairobi and East African countries.
This acquisition highlights the strategic importance of Africa for L'Oréal and demonstrates its confidence in the region and its market potential by a rising middle class, growing income and long tradition of beauty products.
"ICP's is an important milestone for L'Oréal in Kenya. It broadens our product offer with accessible brands and strengthens the group's position in the mass market. This acquisition will also accelerate our development in Eastern Africa," said Geoff Skingskly, executive vice president, Africa and the Middle East zone.
L'Oréal already owns and commercializes the brands of SoftSheen Carson across Africa. It has been innovation in the hair relaxer, hair care and hair color categories over the last year. Its operation in Kenya included education for salons and hairdressers and the development of improved retailing for beauty products. The acquisition of ICP's brands will extend its knowledge of the market and its reach in Kenya and provide a regional manufacturing base for expanded operations.