Emami, the FMCG major, is set to acquire D2C men's grooming brand The Man Company in an all-cash deal. This is as per Inc42.
Emami, which already holds a 50.4 per cent stake in the Delhi NCR-based start-up, will reportedly acquire the remaining 49.6 per cent stake for Rs 177.63 crore.
The deal will see Helios Lifestyle Pvt Limited, the parent company of The Man Company, become a wholly-owned subsidiary. The FMCG giant expects the deal to be completed within three months.
The deal will help the FMCG major further its presence in the digital-first premium male grooming segment.
Commenting on the announcement, Harsha V Agarwal, vice chairman and MD of Emami, said, “We had adopted the route of strategic investments in new-age startups very early to leverage online opportunities brought about by rapid digitalisation to incubate new engines of growth,” reported Inc42.
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The Man Company was founded in 2015 by Bhisham Bhateja, Hitesh Dhingra, Parvesh Kumar. The company offers a range of men's grooming products such as shampoos, body wash, beard oils, hair gels, and perfumes. The Man Company competes with the likes of Bombay Shaving Company, Ustraa, and Beardo, among others. Ayushmann Khuranna invested in the start-up in 2019.
Emami is one of the leading legacy FMCG players in India in the personal and healthcare space. The company's portfolio reportedly consists of leading brands such as Boroplus, Zandu, Navratna, Kesh King and Dermicool.
Emami made its first strategic investment in The Man Company back in 2017. The latter became its subsidiary in 2022.
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Meanwhile, Emami said that it plans to keep exploring more such opportunities for strategic investment that have synergies with its existing line of businesses.
As per Emami’s exchange filing, The Man Company had a turnover of Rs 183 crore in the financial year 2023-24 (FY24), growing 59 per cent from Rs 115 crore in the prior fiscal. The Man Company is hoping to become a global brand under Emami.
