Future Consumer Enterprise has announced that it has entered into a 50:50 joint venture with Mibelle (Migros) to market an exclusive range of products in India, boosting the Swiss personal care manufacturer’s presence in the market.
The joint venture will be based in Switzerland, although future plans include setting up a manufacturing base in India. The two companies have pledged an initial investment of Rs 30 crore and will manufacture, market, distribute and export a new range of personal care products.
The agreement will see Mibelle enter the Indian personal care market for the first time, joining the likes of Hindustan Unilever and P&G. Mibelle skin care brand Bochemistry has been present on the market since 2011 thanks to a collaboration with Emami, who sells its multi-plant stem cell creams in the country.