Wipro’s Consumer Care vertical has acquired South African personal care firm Canway Corporation, which has popular brands such as Oh So Heavenly, Iwori and IQ under its belt.
Although, the IT major hasn’t disclosed the valuation of the deal, it said that the transaction is subject to the regulatory approval. Wipro Consumer Care is poised to become a leading player in the personal care market in the country with the latest acquisition. Brand Oh So Heavenly has been voted as the most loved brand by the shoppers in South Africa.
The personal care brand was mostly being sold through Clicks, one of the leading health and beauty retailers in the country. The brand has been reigning supreme in multiple categories such as Bath & Shower, Hand Creams, Fragranced Body Sprays, and kids products, Wipro said.
IQ and Iwori brands, which are touted to have native organic ingredients in them have also acquired a substantial market share. The company has its own manufacturing plant and research and development centre in Durban.“This is our 12th acquisition in the last 16 years. This acquisition gives Wipro Consumer a significant entry into South Africa and other African markets.
It is an important milestone for us given, our vision of being among the top three players in personal care in Asia and Africa. We are excited to be in South Africa, the largest personal care market in Africa and the second-largest economy of the continent. Canway is an ideal company to partner with as the team is remarkably passionate and entrepreneurial,” said Vineet Agrawal, CEO, Wipro Consumer Care and Lighting.
Wipro also plans to sell the popular beauty brands in other international markets where it has a solid presence. “This is a momentous occasion for us. I am happy and excited that Canway is now part of the Wipro Group,” said Andre Barnard, CEO, and founder, Canway.