Updated – April 15, 2024 at 09:51 PM.
Buys distribution undertaking of Ivia Beaute brands
Cipla Health Limited has signed a business transfer agreement for the purchase of distribution and marketing undertakings of Ivia Beaute Private Ltd’s (India) cosmetics and personal care business.
The cost of acquisition is ₹130 crores on closing, the company said, adding that “₹110 crores was contingent upon achievement of certain financial parameters (milestones) for next three years as outlined in the agreement.” The acquisition included IVIA’s brands Astaberry, Ikin and Bhimsaini on a global level, the company said.
Cipla Health is a wholly owned subsidiary and consumer healthcare arm of drugmaker Cipla. And the move is aligned with Cipla’s focus on enhancing its consumer healthcare and wellness portfolio, it added.
Expansion in beauty sector
CHL is strengthening its presence in the beauty and personal care sector. With a brand legacy of over 16 years, Astaberry caters to consumers through a wide range of products to address skincare needs, complementing CHL’s offerings in the skin care segment, it said.
Shivam Puri, CHL CEO and Whole Time Director, said, “This move not only solidifies our presence in the expansive and dynamic beauty and personal care sector but also builds on our well-established footprint in Tier 2-6 cities.”