L’Oreal buys out ICP’s health & beauty business

Beauty company L’Oréal has said that it has acquired the Health & Beauty business of Interconsumer Products (ICP) in Kenya from its founding shareholder.

ICP is said to be a major player in the Kenyan beauty market with its 2012 turnover touching €15m.

It is strong in the hair and skin care markets, which are manufactured in Nairobi, Kenya and sold in East African countries, according to L’Oreal.

According to the company, this acquisition displays Africa’ strategic importance for L’Oréal and reveals its confidence in this region, whose market potential is being powered by a growing middle class, increasing income and heritage of beauty practices.

L’Oreal Africa and Middle East Zone executive vice president Geoff Skingsley said ICP’s acquisition is a major landmark 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 Skingsley.

L’Oréal has stamped its presence across Africa by owning and commercialising the brands of SoftSheen Carson, a leader of the Afro-specific market.

It has introduced innovation in the hair relaxer, hair care and colour categories during 2012.

Kenyan operations of L"Oreal includes education for salons and hairdressers, as well as the development of improved retailing for beauty products.

The company said its acquisition of the ICP brands will expand its knowledge of the market and increase its reach in Kenya and provide a regional manufacturing base for expanded operations.

L’Oréal has a portfolio of 27 international, diverse and complementary brands. L’Oréal, which has a workforce of 72,600 people across the world, registered sales worth €22.5bn in 2012.