The company was fully controlled by the Patel family over the last two decades until it was sold to British multinational Reckitt Benckiser back in 2010, which was then quickly taken over by Marico in an effort to expand its presence in the personal care sector.
At the time of the deal Marico took on the Paras Set Wet, Livon, Zatak, Eclipse, Recova and Dr Lips brands which are reportedly amongst the top three in the hair gel, male deodorant and hair serum categories in India.
Then, Marico CMD Harsh Mariwala said the deal which seen the business become 'Halite Personal Care India', would help the company target the youth who now drives demand in the country's consumer space; "All these brands are youth-oriented, fast growing and have low penetration. The acquisition will help Marico to move from a dominant hair-care portfolio to skin-care and personal care, which is a bigger opportunity.”
No longer bound by non-compete agreement
Post Paras stint and now out on their own, the brothers are back in the personal care business with new brands which experts on the region claim will give Marico's products a run for their money as they are no longer bound by the non-compete agreement.
The youngest of the brothers Devendra Patel has now launched Layer'r brand of perfumes and deodorants, a segment of the market he feels is luctrative as "more and more Indians are buying feel-good products."
Devendra's company 'Adjavis Venture' aspires to make double digit market share in the Rs 3000 cr fragnance category alone and is comprised of former Paras' executives like Kalyankumar Chaudhuri, Deepankar Seth and Nikhil Naik who now serve as director, head (sales and distribution) and head (media investment).
He follows in the footprints of his brother, Darshan, who launched Vini Cosmetics back in 2010 which boasted a turnover of Rs150 crore last year a growth rate he expects to continue for another five years.