(Yicai) Feb. 2 -- German industrial product giant Henkel will acquire the Chinese business of hair care brand Vidal Sassoon from US daily chemicals giant Procter & Gamble.

Henkel and P&G have already signed an agreement to purchase Vidal Sassoon, the Düsseldorf-based company announced on its website yesterday, adding that the deal is subject to customary closing conditions, including regulatory approvals.

Vidal Sassoon generated sales of more than EUR200 million (USD217.8 million) in China in the fiscal year 2022/2023, Henkel noted.

The addition of this brand complements the local portfolio of Henkel Consumer Brands in China by covering a white spot in the premium retail segment, the firm added.

"As part of our strategic growth agenda, we are pursuing targeted acquisitions to actively shape and strengthen our portfolio," Henkel's Chief Executive Carsten Knobel said. "The transaction will be a step-change for our Consumer Brands business in China, providing the opportunity to further scale our business in one of our core categories in this attractive, growing market."

Henkel has a powerful influence in Asia, David Tung, regional president of Henkel Consumer Brands Asia, said in the Chinese press release. The company is well-positioned to expand further in the region, he added.

“The acquisition will not only expand our influence in the region but also highlight our long-term commitment to the market,” Tung noted.

Henkel entered the Chinese market in 1988. It has over 5,000 employees and 20 plants in the country.

The firm recently opened its Asia Research and Development Center for Consumer Brands in Shanghai. The R&D center, which is Henkel's biggest in Asia, is dedicated to researching and developing high-end hair care, detergents, and home care products for the Chinese and Asian markets.

Editor: Futura Costaglione