Lux International and Eureka Forbes join forces to create a new global player in the direct sales industry.
A new global holding company based in Switzerland is formed, Forbes Lux International, and Reinhard and Reto von der Becke family continue to be shareholders in the joint group.
Reto von der Becke, CEO of Lux International, is also appointed as CEO of Forbes Lux International and as a Director of the Board of Eureka Forbes.
Lux International and Eureka Forbes have today formally announced their decision to come together, creating a new global leader in the direct sales industry. Eureka Forbes acquires the majority shareholding and Reinhard and Reto von der Becke will continue to be minority shareholders in the joint group. Together, the two companies generate a total turnover of well over $500 Million, operate in over 40 countries and sell through a mostly full time sales network of over 15’000 sales partners around the world.
With the acquisition of the shareholding in Lux International, Eureka Forbes gains access to new markets in Europe, Africa and Latin America, to premium products and to an experienced and dynamic global management team. For Lux International, the new partnership with an equally financially strong partner located in the booming markets of India and Asia Pacific offers new opportunities to scale its operations, develop new and innovative products even faster and more often and benefit from the substantial distribution opportunities in these markets. The new group has developed out of a close and amicable partnership with similar family values and a long tradition already over many years. For both companies significant synergies are expected to result from this transaction, resulting in ambitious goals for the new combined group to increase the current gross sales turnover from todays $500 Million to over $ 1 Billion in the years to come. On the pillars of the strengths of both companies, the owners and management teams want to build the leading direct sales company for premium healthy home products in the world.
The independence of both companies Eureka Forbes and Lux International, including their unique company cultures and brand heritage, will be secured. To realise synergies of a close cooperation around the world and also in India, a new Forbes Lux Centre of Excellence will be founded, creating a strategic think tank in which top management members of both companies will discuss and propose solutions of topics of common interest. Both companies highlight the close and personal partnership that existed already before this transaction, which is also reflected in the future leadership structure of the company.
Suresh Goklaney, who has been with Eureka Forbes for over 26 years, with the close guidance of the Group Chairman Shapoor Mistry, will continue to lead the overall strategic development of Eureka Forbes as its Executive Vice Chairman.
Reto von der Becke, CEO of Lux International, will lead the overall development of all international business operations of the joint group outside India, including those in Asia Pacific, in his new responsibility as CEO of Forbes Lux International based in Switzerland. He has been appointed as Director to the Board of Eureka Forbes and will continue to serve on the Board of Directors of Lux International.
Reinhard von der Becke will continue to serve as the Chairman of Lux International, thereby providing additional guidance towards a continued successful development of the group.
Eureka Forbes Limited, a pioneer and leader in vacuum cleaners, water purification solutions, air purification systems and electronic security solutions, is India’s leading health and hygiene direct sales company. For over 30 years it has successfully created healthy, safe and pollution-free environments based on trust and lasting relationships with over 10 million customers. Eureka Forbes was until 2002 a joint venture between Electrolux Sweden and Tata and is today part of the Shapoorji Pallonji Group.
Lux International, originally founded in 1901, was acquired by the von der Becke family from the Swedish Electrolux Group in 1999. Following a demanding turn around and a new positioning of the company Lux International has in recent years realised new record results in sales and profits. Today, both Reinhard and Reto von der Becke are very proud to integrate Lux International into this new and strong partnership as a company that presents itself as more successful, financially healthy and well positioned for an exciting future than ever before.