Strathmore Business Schools OMP Alumnus and founder of Interconsumer Products, Paul Kinuthia has made headway in the business fraternity by selling the health and beauty division of Interconsumer Products, one of Kenyas largest manufacturers of beauty products to LOreal, the worlds leading cosmetic company.
The transaction was which was closed on Friday April 12th has elevated Mr Kinuthia to the billionaires club as the transaction is worth billions of shillings.
Mr Kinuthia began the company in 1995 in Kariobangi by manufacturing shampoos and conditioners with a capital of KShs 3,000. He used to deliver the products using a handcart to the local salons after manually manufacturing the products using drums, a big stick for mixing and heated oils. He faced challenges in the beginning as banks refused to fund his business.
The demand for his products grew among local salons as they were readily available and relatively cheaper than other products in the market. In 1996, Kinuthia expanded his business to produce hair treatments and body lotions and by the 2001, the products were being exported to Uganda, Tanzania and Rwanda.
Currently, Interconsumer Products is East Africas leading manufacturer of beauty products with renowned brands such as Nice & Lovely, Queen Elizabeth, Clarion and Bouncy.
Owner Manager Program (OMP)
Kinuthia joined the SBS OMP program in 2010. This program is designed to help owner managers to harness their talent and key economic driver that can be captured through best-practice knowledge from resources such as faculty, industry experts and experience in a forum of rich learning.
OMP helps entrepreneurs to develop long-term strategies, achieve faster growth both professionally and personally, manage equity stakes, understand business opportunities and improve executive decision making capabilities and succession planning.
Interconsumer Products was ranked 3rd as the most family friendly company of 2011 by the Center for Research on Organizations, Work and Family (CROWF), a research institution within Strathmore Business School that has the task of developing strategies that help organizations in Kenya improve employee retention, commitment and personality through enabling employee engagement.
For more information about OMP, click here.
Strathmore Business School
Strathmore Business School offers management training to business executives in an environment that allows for sharing use of real life case studies. This assists participants seek ways of resolving real business dilemmas in the business environment. SBS partnerships with global partners in Lagos Business School, IESE Business School and GIBS provide exposure for the participants in these programs.