Wipro to tap demand for luxury skincare products among China’s growing middle class.
Wipro‘s recent $144 million acquisition of L.D. Waxson’s Bio-essence range offers Wipro access to the premium skincare market in China, which Euromonitor International estimates will grow to 38.2 billion yuan ($6.1 billion) in 2016 from 22.1 billion yuan last year and is dominated by Procter & Gamble Co. and Mary Kay Inc. The deal also helps the unit tap skincare demand in Southeast Asian markets with sizable ethnic Chinese populations like Vietnam and Indonesia.
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