Marico Ltd has announced the successful completion of an intra-group merger involving its wholly owned Vietnam subsidiaries—Marico South East Asia Corporation (MSEA) and Beauty X Joint Stock Company (Beauty X). The regulatory authorities in Vietnam have approved the merger, and operations of Beauty X have officially ceased with effect from March 25, 2025.
In a stock exchange filing dated March 26, Marico stated that the merger aims to enhance operational efficiency and optimize costs by consolidating business operations. Both MSEA and Beauty X operate in the beauty and personal care sector in Vietnam. While MSEA reported a turnover of INR 729 crore (as of March 31, 2024), Beauty X had a turnover of INR 3 crore.
The merger was executed as a non-cash transaction since Beauty X was already a wholly owned step-down subsidiary of Marico. As part of the amalgamation, 1,000 shares of MSEA were issued in exchange for an equal number of shares held by nominees in Beauty X, based on a 1:1 ratio. Following this, all assets, liabilities, legal rights, and obligations of Beauty X have been transferred to MSEA, which will now continue as Marico’s consolidated operating arm in Vietnam.
This strategic move is part of Marico’s broader vision to drive operational synergies in its international business, especially in high-growth emerging markets like Vietnam. The company reiterated that the change does not impact its shareholding structure.
Marico Ltd is one of India’s leading consumer products companies operating in the beauty and wellness space, with strong brands like Parachute, Saffola, Livon, and Set Wet in its portfolio. The company has a significant presence in over 25 countries across emerging markets in Asia and Africa.
