French cosmetics giant L’Oréal has acquired the health and beauty business of Kenyas Interconsumer Products (ICP) Limited from its founding shareholder for an undisclosed sum. The move is in line with L’Oréal’s ambitions to further expand in the emerging east African market, after it opened a subsidiary in Kenya in January last year. L’Oréal already owns and operates the brands of SoftSheen Carson, a leader of the Afro-specific hair care market in east Africa.
ICP is a major player in the Kenyan beauty market, with strong positions in the hair and skin care markets. Its products are manufactured in Nairobi and sold in east African countries. The company’s 2012 turnover came to €15m.