India: Emami to acquire remaining stake in The Man Company for $72.8 million

FMCG major Emami has announced that it will acquire an additional 49.6% stake in men’s grooming brand The Man Company, taking full ownership for $72.8 million.

The Man Company offers premium grooming essentials and fragrances including beard products, skincare and haircare products, deodorants, and perfumes, sold through e-commerce platforms and major retail chains.

This acquisition will mark Emami’s first full ownership of a direct-to-consumer brand. Initially, Emami acquired a 33.09% stake in The Man Company via two transactions in December 2017 and February 2019. In July 2022, Emami converted its loan into equity shares, boosting its stake to 50.40% and making The Man Company a subsidiary.

According to sources, The Man Company reported $33.7 million in revenue for the fiscal year ending March 2024, with 70% was generated through e-commerce, and recorded $2.6 million in EBITDA-level profitability.

The transaction is expected to close within weeks.

Source: BrandEquity / ClearValue