By JEVANS NYABIAGE
Nairobi,Kenya:Founder of the makers of Nice & Lovely beauty products Paul Kinuthia last month closed a multi-billion-shilling deal involving the sale of Interconsumer Products’ health and beauty arm to French cosmetics multinational L’Oreal.
Kinuthia founded Interconsumer in 1995 with Sh3,000, and began by making shampoos and conditioners to sell to beauty salons.
From manual production machines in a small dusty room along Nairobi’s Kirinyaga Road, Kinuthia slowly built the firm that has became a household name in the beauty business.
The company reported a turnover of about Sh1.64 billion last year.
Under the acquisition, Interconsumer retained its hygiene brands after selling its Nice & Lovely manufacturing arm to L’Oreal. The French firm is relying on the product line to strengthen its presence in the Kenyan market.
Kinuthia is now eyeing bigger things, including a factory to manufacture his Bouncy brand of diapers from next year.
