‘ITC brand acquired 5 years ago for Rs 50 Crore set to become a Rs 1,000 Crore brand’
Highlighting Savlon as an example of creating value from acquisitions, the ITC said on Wednesday that Savlon is on course to become a Rs 1,000 crore brand.
Sameer Satpathy, CEO, ITC's Personal Care Products Business, said that going by the growth trends in the first six months of the year, Savlon is set to be a Rs 1,000 crore brand. It will be the first Rs 1,000 crore brand in ITC's personal products category.
Savlon was a Rs 50 crore brand in turnover when it was acquired by ITC from Johnson & Johnson around five years back.
Satpathy said Savlon has grown 3-4 times in sales over last year when it had clocked sales of Rs 250 crore. The heightened hygiene and safety needs of the consumers have led to a boom in this category. Savlon and its variants are selling more in a month now than it was selling in a full year earlier.
Satpathy added, "We are hungry for value accretive acquisitions. Savlon is an example of creating value through acquisitions. We will look at opportunities where we feel we can multiply, take the brand and expand it to create value for all our stakeholders."
ITC's floor cleaner brand Nimyle, which also was an acquisition, has crossed Rs 150 crore and is being expanded as a vegetable wash solution with 100 per cent natural ingredients.
Satpathy said ITC has a complete portfolio of health and hygiene products. He said the personal care brands are high margin brands which are growing fast.
Savlon has grown 3-4 times due to the Covid 19 pandemic and various variants have also been launched.
ITC is setting up a new factory in the eastern region for personal care products and has also added to its capacity through a unit in south India. - IANS