The deal includes acquisition of intellectual property rights including trademarks, design and know-how related to the VWash brand, that was launched in 2013 and is the market leader in the female intimate hygiene category.
“The acquisition of VWash gives us an entry into the currently underpenetrated and rapidly growing female intimate hygiene segment. The brand has a leadership position and fits well into the white spaces in our beauty and personal care business. We look forward to completing the acquisition and strongly believe HUL is well positioned to further scale up this business, given the strength of our market development and distribution capabilities,” Sanjiv Mehta, Chairman and Managing Director of HUL said.
The consideration has been split into two parts involving an upfront cash payment upon closing of the deal and a deferred consideration over the next three years, said the company.
Both parties would be working together to complete the transaction in the next few months. Glenmark will continue to manage the business until the transaction is completed, and will also continue to manufacture for HUL for an agreed period of time.