Marico

Marico Limited is one of India's leading consumer goods companies[5] providing consumer products and services in the areas of health, beauty and wellness. With its headquarters in Mumbai, Maharashtra, India, Marico is present in over 25 countries across emerging markets of Asia and Africa. It owns brands in categories of hair care, skin care, edible oils, health foods, male grooming, and fabric care.[6]

Marico Limited
TypePublic
IndustryConsumer goods
PredecessorBombay Oil Industries Limited (BOIL)[1]
Founded2 April 1990 (1990-04-02)
FoundersHarsh Mariwala
HeadquartersSantacruz, Mumbai, Maharashtra, India
Area served
Worldwide
Key people
Harsh Mariwala (Chairman)[2]
Saugata Gupta (MD & CEO)[3]
Products
Revenue₹7,439 crore (US$1.0 billion) (2020)[4]
₹1,424 crore (US$200 million) (2020)[4]
₹1,043 crore (US$150 million) (2020)[4]
Total assets₹5,002 crore (US$700 million) (2020)[4]
Total equity₹2,869 crore (US$400 million) (2020)[4]
Number of employees
1,631 (2020)[4]
Websitewww.marico.com

As of 2018–19, the company generated a turnover of ₹7,334 crores.[7] Marico has 8 factories in India located at Pondicherry, Perundurai, Kanjikode, Jalgaon, Paldhi, Dehradun, Baddi and Paonta Sahib.

In Bangladesh, Marico operates through Marico Bangladesh Limited, a wholly owned subsidiary. Its manufacturing facility is located at Shirirchala, in Dhaka Division.

Leadership

Harsh Mariwala is the Chairman and Saugata Gupta assumed the role of the Managing Director in March 2014 and is currently the MD and CEO of this organisation.[8][7]

History

Marico was established in 1990.

Timeline
  • 1974 – Harsh Mariwala envisioned a branded FMCG market for coconut and refined edible oils in small consumer packs and sets up a national distribution network for Parachute.
  • 1990 – Marico was established in India.
  • 1991 – Marico launches Hair & Care, a non-sticky hair oil repositioning the market leader through contemporary packaging. Sweekar sunflower oil goes national.
  • 1992 – 94 – Marico goes from being an exporter to international marketer – sets up its first overseas office in Dubai.
  • 1994 – The year marks another innovation, Revive cold water starch makes starching cottons more convenient for the consumer.
  • 1996 – Marico lists on the Indian Stock Exchanges.
  • 1999 – The company expands with its first overseas manufacturing facility in Bangladesh. Marico acquires Mediker in the same year
  • 2003 – Marico Innovation Foundation, responsible for executing the Corporate Social Responsibility of Marico, was formed. In the same year Marico sets up copra collection centrEs to procure directly from farmers increasing their margins, thereby improving their lives and making a difference.
  • 2006 – Nihar enters the Marico fold.
  • 2006-7 – Marico casts footprint in Africa, acquires Fiancée and Hair Code in Egypt and Caivil, Black Chic and Hercules in South Africa.
  • 2009 – Marico makes a public offering of equity in Bangladesh a first for one of its overseas subsidiaries.
  • 2010 – The South East Asia journey commences with Code10 male grooming in Malaysia and Derma Rx skin care solutions in Singapore. The year also marks the launch of Saffola breakfast, Masala Oats in India.
  • 2011 – Parachute Advanced entered the skin-care category with the launch of Parachute Advanced Body Lotion (PABL), another innovation by Marico. The year also marks the launch of Parachute Gold hair cream in the Middle East market targeted to women which today has great equity amongst the consumer. Marico strengthens its presence S.E. Asia through a male grooming, skin care and food portfolio acquired in Vietnam in the same year.
  • 2012 – India's Gen Next gets styled by Marico as it launches its male grooming brand, SetWet.[9]
  • 2015 – Marico's Market Cap tops ₹25,000 crore.
  • 2017– Marico acquires South Africa's leading hair styling business – Isoplus;[10] launches Saffola Active[9] Slimming Nutri-shake (marking entry into nutraceuticals category) and makes a strategic investment in Zed Lifestyle (Beardo)[11]
  • 2018 – Marico invests Revolutionary Fitness (Revofit);[12] launches a new brand – True Roots[13] that delays hair greying and launches its first digital exclusive brand – Studio X;[14] launched Saffola Fittify.[15]
  • 2019 – Marico announces association with Kaya, to create a skincare sub-brand, Kaya Youth.[16]

Brands

The organisation holds a number of household brands such as Parachute, Parachute Advansed, Saffola, Hair & Care, Nihar, Nihar Naturals, Livon, Set Wet, Mediker and Revive. In the international market, Marico is represented by brands like Parachute, HairCode, Fiancée, Caivil, Hercules, Black Chic, Code 10, Ingwe, X-Men and Thuan Phat.

  • Male grooming – Set Wet
  • Hair Care – Parachute, Parachute Advansed, Nihar Naturals, Nihar Naturals Uttam, Hair & Care Fruit Oils, Mediker, Livon
  • Edible Oils – Saffola
  • Skin Care – Parachute Advansed Body Lotion
  • Fabric Care – Revive
  • Healthy Foods – Saffola Masala Oats & Saffola Fittify

Parachute
Main article: Parachute (brand)

Parachute is the flagship brand of Marico which consists of edible grade coconut oil. Marico manufactures and markets its coconut based hair oils under its popular brand – Parachute "Advansed" and a series of extensions thereof. Parachute edible oil contains 100% coconut oil, whereas "Advansed" hair oils contain at least 50% mineral oil along with coconut oil.

Others

Marico's brands and their extensions occupy leadership positions with significant market shares in a number of health and beauty areas.

Saffola is essentially blended refined edible oil. It is marketed under the names of New Saffola, Tasty and Active. All of them contain blended vegetable oils in various ratios. The main type of oils which are blended include Rice bran oil, Kardi oil or Safflower oil, Corn oil and Soya oil.

Marico has a significant presence in Bangladesh, South East Asia, Middle East, Egypt and South Africa. Marico reported a net profit of ₹573 Crore in 2014–15.[17]

Mineral oil in hair oil

Parachute "Advanced" hair oils contain around 50% (v/v) to 80% (v/v) mineral oil, along with coconut oil. Advanced Aloe Vera Enriched Coconut Hair Oil contains: Coconut oil (50% v/v), Mineral l (49.6% v/v), BHT, Aloe Vera extract & Perfume.

Mineral oil is known to cause skin cancer.[18] Even though highly refined oils (classified as Group 3) are not suspected to be carcinogenic, available information is not sufficient to classify them as harmless.[19]

Marketing

NRI in the Middle East had been smuggling Parachute oil with them for their daily use when export of the oil was restricted prior to the 1991 economic liberalisation. Marico decided to try to sell products in that market after liberalisation, but found that Arab customers did not like the scent of coconut, wanted a less sticky hair product, and needed a product to counteract the high level of chlorination in their water. When Marico reformulated its product, its market share in the Middle East grew from 2% in 2002 to more than 20% by 2008.[20]

References
  1. "Bombay Oil Industries Limited: Sound logic behind revamp of family business". India Today. Retrieved 17 May 2018.
  2. "Harsh Mariwala, Marico". Outlook India. Retrieved 17 May 2018.
  3. Bhushan, Ratna; Malviya, Sagar (25 March 2014). "Harsh Mariwala steps down as Marico managing director". The Economic Times. Retrieved 28 August 2016.
  4. "Marico Ltd. Financial Statements". moneycontrol.com.
  5. "5 big data analytics stories from India". Express Computer. The Indian Express. September 2014. p. 12.
  6. Jha, Sneha (28 August 2017). "How Marico's digital crusader Mukesh Kripalani is fueling growth with digital innovation". The Economic Times.
  7. Chaudhari, Deepti (21 January 2019). "Marico: Shifting into second gear". Fortune.
  8. Agarwal, Sapna (25 March 2014). "Marico CEO Saugata Gupta takes over MD role". Livemint.
  9. Malviya, Sagar (20 November 2017). "Marico enters soup segment, plans healthy snacks too". The Economic Times.
  10. Chatterjee, Purvita (11 January 2018). "Marico acquires South African hairstyling brand Isoplus for Rs 36 cr". Business Line.
  11. Datta, Aveek; Srivastava, Samar (18 March 2017). "Marico and Beardo to style beards together". Forbes India.
  12. "Marico to invest in health startup". The Times of India. 18 April 2018.
  13. "Marico newest brand 'True Roots' delays hair greying from the roots". Adgully. 25 September 2018.
  14. "Marcio plans online-only brands". The Economic Times. 13 December 2017.
  15. Malviya, Sagar (24 December 2018). "No fear of failure: Marico again sights health & wellness". The Economic Times.
  16. Malviya, Sagar (8 February 2019). "Marico to launch Kaya Youth". The Economic Times.
  17. "Marico 2015 Annual Report" (PDF).
  18. "Cancer from mineral oil". British Medical Journal. 4 (5681): 443–4. 1969. doi:10.1136/bmj.4.5681.443. PMC 1630563. PMID 5354827.
  19. International Agency for Research on Cancer (17 June 2011). "Agents Classified by the IARC Monographs, Volumes 1–102" (PDF). Lyon, France: International Agency for Research on Cancer. pp. 3, 19. Archived from the original (PDF) on 25 October 2011. Retrieved 11 November 2011.
  20. Kumar, Nirmalya (2009). India's Global Powerhouses. Harvard Business Press. pp. 136–8. ISBN 978-1-4221-4762-7.
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