Wipro Consumer Care & Lighting (WCCL), the consumer care arm of Wipro Group announced that it has signed the dotted lines to acquire Philippines based Splash Corporation. The acquisition, at an undisclosed amount, will let WCCL to build its own brands in the Philippines and leverage Splash’s distribution network.
Splash Corporation is known to be the largest personal care company in the Philippines. It also has a strong presence in multiple international markets like Indonesia, Vietnam, Hong Kong, the Middle East and Nigeria. The Splash Corporation has recorded revenues of $80 million (Rs 558 crore) in the financial year 2017-18.Its iconic brands include SkinWhite (body lotions), Maxi-peel (exfoliant) and Vitress (hair conditioner), products which are new to WCCL.
With the deal in place, the Philippines is set to become the fourth largest market for WCCL after India, China and Malaysia. WCCL chief executive officer Vineet Agrawal
said, “We are exploring to get a footprint in developing countries. The Philippines is a developing country with a lot of rural areas. It is one of our largest acquisitions and will help us increase our brand presence and market share”. He also added that post this acquisition, WCCL will roughly earn 54% of its business from overseas.
Speaking about the deal, Rolando B Hortaleza, CEO and founder of Splash Corporation said, “This gives us immediate access to resources and markets that will help us fuel faster and enable us to unlock the true potential of our brands.” While Raghav Swaminathan, CFO, Wipro Enterprises, said, “This is our 11th acquisition in consumer business and it reinforces our commitment to continue to invest in emerging markets to build a strong portfolio of local jewels that have created a niche market for themselves. The new acquisition meets our internal return on investment (RoI) threshold which is in double digit.”
Wipro Consumer Care Acquires Philippines-based Splash Corp
