01 May 2023, Mumbai
Godrej Consumer Products Ltd (GCPL) is reportedly in advanced talks to acquire Raymond's consumer care business, which includes the Park Avenue male grooming brand and Kamasutra condoms.
The deal, if it goes through, will give GCPL a bigger presence in the men's personal care and sexual wellness categories. Raymond has been looking to divest its consumer care business for more than two years, as it is considered non-core to its portfolio.
GCPL's previous acquisitions include the hair care brand Bblunt, but this would be its first large deal with an Indian brand.
With sales of ₹522 crores in FY22, Raymond is one of the top five players in the men's deodorants category and the third-largest in the branded condom segment but is a fringe player in the mainstream soaps and shampoo market.
This development comes at a time when GCPL is seeing a steady recovery in consumer demand after six to eight quarters of declining volume offtake due to price hikes.