In Brief: BrandsElite
This article was originally published in The Rose Sheet
BrandsElite: Terminates acquisition of Richmond Hill, Ontario-based Faces of Ontario by mutual agreement of both parties, the company said Nov. 5. BrandsElite announced its intention to purchase Faces of Ontario, which consists of the Faces brand, Faces retail stores and its manufacturer Ligi, Inc., for roughly $1.1 mil. The deal, scheduled to close Nov. 3, would have added about $2.1 mil. to BrandsElite's annual sales ("The Rose Sheet" Oct. 14, p. 9). BrandsElite sales for the third quarter advanced 53.5% to $4.9 mil., due in part to growth in the company's domestic division; the company renewed its worldwide distribution agreement (excluding U.S.) with Erno Lazlo as well as its duty free distribution agreements with Givenchy, Monet and Gianni Versace...
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