Wipro Targets China's High-End Skincare Market With L.D. Waxson Buy

Wipro Ltd.’s acquisition of Singapore-based L.D. Waxson Group will help it expand its presence in China’s luxury skincare market, according to Vineet Agrawal, president of the Indian company’s consumer unit. L.D. Waxson’s Bio-essence range includes beauty creams that contain bird’s nest, which is used in traditional Chinese drugs for its anti-aging and tissue-repair properties. Aside from serving as Wipro’s ticket to China, a market forecast by Euromonitor International to reach $6.1 billion in value in 2016, Bio-essence will also help the Bangalore-based company grab shares of the skincare markets in Southeast Asian countries with ethnic Chinese populations, Agrawal said. Wipro and other Indian companies are expanding overseas to help increase sales as economic growth slows in India to 5 percent in the year ending March 31, 2013.