Marico’s Vietnam Arm Completes Intra-Group Merger Of Beauty X

Marico Ltd.’s wholly owned subsidiary, Marico South East Asia Corp., has completed the intra-group merger of Beauty X Joint Stock Company with MSEA after receiving regulatory approval in Vietnam, according to an exchange filing on Wednesday.

Following the merger, operations of Beauty X have ceased with effect from Tuesday, it added.

Beauty X, which owns the personal care brands “Purité de Prôvence” and “Ôliv,” was acquired by MSEA in December 2022 through a definitive agreement. The merger aims to streamline operations and enhance cost efficiency, according to the filing. 

Since Beauty X was a wholly-owned subsidiary, no cash consideration was involved. The investment of MSEA in Beauty X was cancelled as of July 28, 2024, and all assets, liabilities, obligations, and legal rights have been transferred to MSEA. Despite the merger, MSEA remains a wholly owned subsidiary of Marico Ltd.

MSEA reported a turnover of Rs 729 crore as of March 31, 2024. The company said the merger would help strengthen its presence in the Vietnamese personal care market.

Marico’s move aligns with a broader trend of FMCG companies streamlining acquisitions to enhance efficiency and scale in competitive markets. Analysts note that beyond expanding brand portfolios, companies are focusing on integration to optimise sales, strengthen distribution, and drive long-term growth. With rising competition in personal care and evolving consumer preferences, such consolidations are becoming key to sustaining market leadership.