New Delhi: Wellness and beauty company VLCC Thursday said it has acquired a majority stake in Malaysia-based Wyann International for an undisclosed amount.
VLCC, which already has direct company managed operations in various countries across South Asia and the Middle East, has acquired a majority stake in Wyann International, VLCC said in a statement.
Kuala Lumpur-based Wyann International owns and operates a chain of 22 slimming and beauty outlets across Malaysia offering specialist services and innovative products through its established Bizzy Body, Facial First and masculine brands.
"We are very excited by this opportunity, which is not only significant as our first step beyond South Asia and the Middle East but also as our first move to grow through acquisition," VLCC Group Chairman Mukesh Luthra said.
The acquisition is an excellent spring board for the company to achieve an accelerated expansion in South East Asia, Luthra added.
The company said it has aggressive plans for expansion in Malaysia which includes launching of Bizzy Body and Facial First centres in the country.
Further, the company said it plans to launch various other services including wellness centres, exclusive slimming services for men and vocational education institutes in beauty and nutrition.
The company is also aiming to expand its presence in another eight countries in the next 18 months in addition to the current ten nations, including Malaysia, where it is currently present.
VLCC has presence in countries like Bangladesh, Sri Lanka, Nepal, UAE and Oman and is looking to establish operations in Singapore, Indonesia, Thailand, Myanmar, Saudi Arabia, Egypt and Kenya, the company said.
PTI
First Published: Thursday, November 22, 2012, 18:43