Diversified company Wipro on Tuesday said it has acquired premium personal care brand Yardley's businesses in the UK and other select European nations for an undisclosed amount.
"Wipro Ltd has signed an agreement with Lornamead Group to acquire the Yardley business in the UK and many other select countries of Europe (excluding Germany and Austria)," the Indian firm said in a statement.
This transaction further expands the geographic reach of the Yardley portfolio already owned by Wipro, it added. The company, however, did not mention about the value of this acquisition.
Earlier in December 2009, Wipro Consumer Care and Lighting, the FMCG arm of Wipro, had acquired the Yardley portfolio for Asia, West Asia, North Africa and Australasia from Lornamead.
"Wipro will also acquire the 'Woods of Windsor' business, another heritage brand in the UK, which is well-known for its floral fragrance led portfolio in personal care segment," the company said without sharing details.
Talking about Yardley's performance, Wipro said the revenue of the firm grew to Rs 184.9 crore (Rs 1.84 billion) in FY'12 from Rs 83.7 crore (Rs 837 million) in FY'09, it added.
Commenting on the deal, Wipro Consumer Care and Lighting Regional Director (East Asia, Middle East and Africa) Nagender Arya said: "Given the brand's performance, it was only logical to own both the brands in its home market in the UK, which in FY'12 clocked a revenue of Rs 29.6 crore (Rs 296 million)."
Wipro will be able to leverage the brand's core values and offer new products to consumers across markets and is confident that the Indian owner will be able to develop the Yardley brand further by using its own R&D and international footprint, he added.
Established in 1770, Yardley is one of the world's oldest living brands in personal care category with fragrance, bath and shower and skin care products.