Industry News

Godrej Consumer Products raises stake in Kenyan firm

India: Mumbai based fast moving consumer group firm, Godrej Consumer Products Ltd (GCPL), has hiked its stake in DGH Phase Two Mauritius, which owns Kenya’s Style industries. The company has been focusing on Africa continent and this is in line with its strategy to acquire more brands in the continent, which is said to have huge potential in the coming decade.

The company had also acquired 51 per cent stake in Darling South Africa which operates in 14 countries across Africa, and sells hair extension products under brand names like 'Darling' and 'Amigos'. Besides, the company had also acquired South Africa's Kinky Group in 2008 and hair color brand Rapidol in September 2006, which offers a variety of products, including hair, hair-braids, hair pieces, wigs and wefted pieces.

According to TechSci Research, this would help Godrej Consumer Products to strengthen company’s position in African continent and the company might enjoy first mover advantage in this region. Africa continent which is home to around 1.20 billion people has the potential to offer sustainable growth as there are many countries that are performing well in growth terms and Godrej is looking to capitalize on that.