Fast-Moving Consumer Goods (FMCG) brand, BIA Brands has acquired Asa Beauty a beauty products brand, the company said in a statement.
This strategic acquisition will help BIA to expand its presence in the Beauty and Personal Care (BPC) segment, following the successful acquisition of TrueKind into its growing portfolio, it further said.
Founded by mother and daughter-in-law duo - Asha Jindal Khaitan and Sukriti Khaitan in 2020, Asa Beauty has set new standards in clean, natural, vegan, and cruelty-free makeup, as the company claims.
Founded in June 2022 by Sudhakar Adapa, BIA Brands has rapidly made a name for itself with its aggressive and innovative approach to brand rollouts in physical retail. The acquisition of Asa Beauty signifies BIA Brands' dedication to fostering a sustainable and inclusive beauty culture that resonates with global consumers, the statement added.
Sudhakar Adapa, the founder of BIA Brands, expressed his enthusiasm about the acquisition, saying, "This acquisition is not just about expanding our product range; it's about embracing and promoting a beauty philosophy that values ethical practices and environmental responsibility."
Asha Jindal Khaitan, the founder of Asa Beauty commented on the acquisition, "With BIA Brands' strong market presence and innovative approach, we are confident that the brand is in capable hands. We are excited about the future and the opportunities this acquisition opens up for Asa Beauty to make a more substantial impact globally."
According to an estimate published by Redseer Strategy Consultants along with investment venture capital firm Peak XV, Indian beauty and personal care market is projected to reach $30 billion by 2027, accounting for about 5 per cent of the global market.
As of last September, the Indian beauty market is significantly underdeveloped. Per capita spending on beauty and personal care is $14, compared to $313 in the US and $38 in China.
