L’Oréal acquires Canan
This article was originally published in The Rose Sheet
Executive SummaryTurkish hair-care firm Canan has been purchased by L'Oréal, the French multinational announces Nov. 15. "The Turkish cosmetics market is expanding strongly and has a very large growth potential. The acquisition of Canan will bolster our positions in hair-care products, the largest segment in the market," Patrick Rabain, consumer products president for L'Oréal, says. Founded in 1981, Canan is primarily known for its Ipek brand, under which it markets shampoo, conditioner, hair gel, liquid soap, shower gel and lotions. Ipek is ranked fourth in the Turkish mass-market hair-care segment. The firm booked $38 mil. in sales in 2006, according to L'Oréal, which expects the acquisition to be accretive beginning in 2009. The Canan announcement comes on the heels of news that L'Oréal has sold 1.8% of its stake - 25 mil. shares at $88.42 apiece - in pharmaceutical firm Sanofi-Aventis, yielding proceeds of about $2.19 bil., according to Nov. 14 announcement...
You may also be interested in...
Lucky STAR: FDA’s eSTAR Pilot Aims To Make 510(k) Process Smoother With Submission Template For Device Makers
Nine manufacturers will soon have the chance to enroll in a voluntary eSTAR pilot program that the US agency says will make the premarket review process more efficient and consistent. The design and structure of an electronic Submission Template And Resource – or eSTAR – template is similar to templates used by FDA reviewers. An eSTAR won’t change the agency’s statutory or data requirements for sponsors to show substantial equivalence to predicate devices.
W3ll People is expected to add a relatively modest $7m to e.l.f. Beauty’s fiscal 2021 top line, but the brand has “major white space” opportunities, including at Target, e.l.f.’s longest-standing customer. Further, its plant-based product line includes 40 “EWG Verified” products, reflecting expertise e.l.f. is eager to tap.
UCB's R&D efforts include late-stage diverse but complementary immunologicals and anti-neuroinflammatories.