Perfumania.com
This article was originally published in The Rose Sheet
Executive Summary
Discount beauty e-tailer changes name to Envision Development Corp. to reflect e-business strategy. Sister company Perfumania recently changed its corporate name to Perfumania Marketing as part of a business reorganization. Both companies operate as wholly owned subsidiaries of E Com Ventures, an e-commerce holding company. E Com Ventures trades on the NASDAQ under ECMV. E Com Ventures will cross-promote with Perfumania retail stores. Perfumania announced its name change following a strong third quarter performance (1"The Rose Sheet" Dec. 20, 1999, In Brief)
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Perfumania
Discount perfumery chain to spin off retail fragrance and wholesale operations and change its name to Ecomv (Electronic Commerce Ventures) under a strategic initiative to drive stock value, the company announces Dec. 13. Perfumania also plans to develop new Internet-related businesses or acquire interests in Internet companies. The changes are a result of "impressive turnaround" in the firm's retail operations and the launch of its subsidiary perfumania.com, the company states. Revenues for the third quarter (ended Oct. 30) were up 28.6% to $47.7 mil. Net profit totaled $5.6 mil. compared to a net loss of $3.9 mil. a year ago. Excluding a net gain of $5.6 mil. representing the sale of perfumania.com IPO stock, net operating income was $13,000
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