THE WHAT? Lotus Herbals has announced the acquisition of organic skincare and make-up company Vedicare Ayurveda, parent company of SoulTree, according to the Economic Times India.
THE DETAILS The first acquisition for Lotus Herbals, financial details of the deal were not disclosed.
Lotus Herbals Managing Director said, “With the acquisition of SoulTree, we have forayed into the premium ayurvedic wellness space with a brand that resonates with modern consumers and has international organic certifications.”
Lotus began formerly scouting for mid-sized acquisitions last year, while also looking into divesting a minority stake in the company or bringing in an investor to help fund any future deals.
THE WHY? According to SoulTree founder Vishal Bhandari the buyout would allow the brand to become a leading ayurvedic brand in India and worldwide, with Lotus being a main competitor in the premium skincare space alongside P&G’s Olay, L’Oréal and HUL’s Ponds.