The acquisition gives Marico a 70.5% equity stake in Sundari, with 29.5% share remaining in the hands of the founders and their private backers, according to a statement.
Several Sundari officers have announced they will remain with the company for an undisclosed amount of time. Christy Turlington, one of the company’s three founders, will remain an advisory board member but has “relinquished all managerial responsibilities to (co-founder) (Ayla) Hussain and Marico,” Ms. Turlington said.
She added, “This partnership will reinforce the brand’s Indian heritage and also provide infrastructure that will enable Sundari to continue to flourish in the marketplace. (It’s) a wonderful opportunity to do what we set out to do—combine tried and tested wisdom from the East with innovation and reinterpretation in the West.”
Mr. Hussain will remain as chief executive of the new venture, while the third co-founder, Cavan Mahoney, has left the company.