- Hindustan Unilever Limited (HUL) said it had signed an agreement with Glenmark Pharmaceuticals Ltd to acquire VWash.
On Monday, Hindustan Unilever Limited (HUL) said it had signed an agreement with Glenmark Pharmaceuticals Ltd to acquire VWash, its intimate grooming brand.
The deal includes the acquisition of intellectual property rights including trademarks, design, and know-how related to the VWash brand, which was launched in 2013 and is the market leader in the category of female intimate hygiene.
“The VWash acquisition gives us an entrance into the currently under-penetrated and increasingly increasing segment of intimate grooming for women. The brand has a leading role in our beauty and personal care sector and fits well into the white spaces. We look forward to completing the acquisition and firmly believe that, given the strength of our market growth and distribution capabilities, HUL is well-positioned to further expand this company, “said Sanjiv Mehta, Chairman and Managing Director of HUL.
The compensation was split into two sections that involved an initial cash payment upon closing of the transaction and deferred compensation for the next three years, the company said.
Both parties will work over the next few months to conclude the transaction. Glenmark will continue to run the company until the deal is complete, and will also continue to produce for HUL for an agreed period of time.
The deal is subject to certain requirements being met and both parties will work together over the next few months to achieve this. Glenmark will continue to run the business until the sale is completed, and will also continue manufacturing for HUL for an agreed period of time, “the company said.
Glenmark launched VWash in 2013 and is a leading brand in the category of female intimate grooming.
Glenmark Pharmaceuticals is a pharmaceutical company with headquarters in Mumbai, India, established in 1977 as a generic drug and active pharmaceutical ingredient manufacturer by Gracias Saldanha; named the company after his two sons. initially, the company exported its goods to India, Russia, and Africa. In 1999, the company went public in India to develop its first research facility using some of the proceeds.