Emami has expanded its presence in the male grooming business with the acquisition of a 30% stake in The Man Company, owned by Helios Lifestyle.
IndusLaw partner Avimukt Dar, who oversaw the deal for Helios Lifestyle, said the deal was not designed as an outright purchase. “In fact, structuring and finessing this commercial understanding posed the most interesting challenge in this transaction,” he told India Business Law Journal. “It is a strategic investment in the company with both the founders’ as well as Emami’s rights in the company governed by a robust shareholders agreement. You could consider it to be a joint venture with multiple end-game options for both partners.”
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The Man Company sells a range of men’s grooming products online for bath, body and beard management. With the acquisition, Emami strengthens its presence in the male grooming industry, adding to its own brands Fair and Handsome, and HE.
Hitesh Dhingra, the co-founder and managing director of Helios Lifestyle, said the male grooming sector was “hugely untapped” in India. “Barring a few categories like fragrances, men end up using products meant for women,” he said. “The space is being disrupted by startups globally using digital medium as a platform for marketing and distribution.”
Dar added, “From a sector perspective, there is a lot of interest in men’s grooming products and services since most FMCG [fast-moving consumer goods] companies have not kept up with changes in social attitudes towards men’s grooming. We have indeed come a long way from “tandurusti ki raksha karta hai Lifebuoy!” (Lifebuoy soap protects your health and wellness!). So, more growth as well as consolidation in this sector is likely.”
IndusLaw principal associate Divya Varghese led the transaction from The Man Company’s side, supported by associate Shaima Khan.
Shardul Amarchand Mangaldas & Co advised Emami. The team was led by partner Sakshi Mehra with support from principal associate Victor Mukherjee and associate Dipayan Bhattacherjee.
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