KKR, the US global investment and private equity firm, is best known to Australians for its AUD$3.2 billion acquisition of iconic biscuit company, Arnott’s, in 2019.
Two years earlier the multinational bought Laser Clinics Australia for AUD$650 million.
But it’s biggest beauty buy in recent years was the acquisition of a 60 per cent controlling interest in Coty’s professional brands division, including Wella, Clairol, OPI and ghd, in May last year for US$4.3 billion.
KKR is now extending its beauty empire to India by acquiring a 54 per cent majority stake in Vini Cosmetics, the Indian personal care and beauty company, for US$625 million.
Vini was founded in 2010 and makes, markets and distributes deodorants, cosmetics and toiletries through its signature brands, including FOGG, OSSUM and GlamUp.
One of India’s largest personal care distributors, Vini has more than 700,000 points of sale and 3000 dealers.
KKR has invested US$5.7 billion in Indian companies over the past 15 years and has a strong track record in leveraging their international expansion, e-commerce expertise and product R&D.
As the world’s second most populous country after China, India has long been viewed as the next cosmetics giant.
With a growth rate of 25.1 per cent a year, the Indian beauty and personal care market is expected to reach US$23 billion by the end of 2022.
With a centuries-old Ayurvedic tradition, Indian consumers have a strong preference for natural and clean beauty products. While the glamour of Bollywood is a strong springboard for colour cosmetics sales.