L’Oréal has acquired the Health & Beauty business of Interconsumer Products Limited (ICP) in Kenya from its founding shareholder.

With a turnover of approximately 15 million euros in 2012, ICP is a significant player on the Kenyan beauty market, with strong positions in the hair and skin care markets. The products are manufactured in Nairobi and sold in East African countries.

According to L’Oréal, the acquisition demonstrates the growing strategic importance of Africa – and its market potential, which is being driven by a rising middle class, growing income and long tradition of beauty practices.

“ICP’s acquisition is an important milestone for L’Oréal in Kenya,” said Geoff Skingsley, executive vice-president, Africa and Middle East Zone. “It broadens our product offer with accessible brands, and strengthens the group’s position in the mass market. This acquisition will also accelerate our development in Eastern Africa.”

L’Oréal already owns and commercializes SoftSheen Carson brands across Africa. Its operation in Kenya includes education for salons and hairdressers, and the development of improved retailing for beauty products. The acquisition of the ICP brands will increase the company’s reach in Kenya and provide a regional manufacturing base for expanded operations.