Kolkata: Fast-moving consumer goods maker Emami Ltd said that it has picked up a 7.54% stake in US-based beauty care products firm Loli Beauty Inc. for $565,000 (Rs 3.83 crore) in a cash deal.
Separately, Emami also said that one of its promoters had invested $100,000 (Rs 68 lakh) in Loli Beauty for a 1.33% stake. The identity of the promoter has not been disclosed.
Incorporated in July 2014, Loli Beauty was founded by Tina Hedges, who had stints with L’Oréal, The Estee Lauder Companies and Halston Borghese before becoming an entrepreneur, according to her LinkedIn profile.
This marks the third investment by Emami in the beauty products segment in less than a year.
In February, the company had agreed to pick up 26% stake in professional beauty care products manufacturer Brillare Science for an undisclosed amount.
Last December, it agreed to buy a 30% stake in Helios Lifestyle Pvt. Ltd, which owns the male grooming brand The Man Company.