Beauty and wellness firm VLCC on Tuesday announced acquisition of Singapore-based Global Vantage Innovative Group (GVig) which owns and operates three firms that manufacture and retail cosmetic products and solutions.
GVig acquisition, which was completed late last month, is VLCC's second overseas acquisition in less than a year and is in consonance with VLCC's strategy to expand its presence in the wellness domain in key markets overseas.
Commenting on its new acquisition, VLCC Group Chairman Mukesh Luthra said: "We are delighted to welcome GVig into the VLCC family as it will allow us to leverage GVig's strong brand equity and its excellent portfolio of wellness products and solutions to establish an even stronger footprint in important markets in South-East Asia."
The company, however, did not disclose deal valuation.
"With GVig Singapore now, and the Wyann Malaysia acquisition last year, VLCC will not just be in a strong position to offer the best in beauty and wellness solutions and services to customers in Singapore and Malaysia, but across the entire region. VLCC will also be on a very good footing to obtain market leadership status in more countries," Luthra added.
The VLCC Group would gain access to the company's R&D laboratory and manufacturing facility in Singapore.
GVig has presence in 10 countries-- Singapore, Malaysia, Vietnam, China, Hong Kong, Taiwan, Indonesia, Philippines, Cambodia and Korea. Its three subsidiaries are BelleWave Cosmetics, Celblos Dermal Research Centre, and Enavose Life Science Research.
VLCC Group has two factories in India located at Haridwar and Dehradun with a third plant about to be commissioned in Bangladesh.