Arden Scoops Up Christina Aguilera License From P&G
This article was originally published in The Rose Sheet
Previously intended for Coty under its merger deal with P&G, the Christina Aguilera fragrance license increases Elizabeth Arden's exposure to the vagaries of the celebrity-scent market, but could offer a boost to its European business. The firm reported growing sales in the third quarter, excluding currency effects, as its turnaround progresses.
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Firm’s $870m acquisition of Elizabeth Arden is seen as “highly complementary,” bringing prestige skin care and scalable fragrance licenses to its existing business focused on mass and salon beauty and hair care. The deal also offers synergies and cost-reduction opportunities for both companies, which have struggled in recent years to rejuvenate their businesses.
Coty faced off against 44 other interested parties last year to eventually win P&G's beauty business with its $12.5bn merger bid, ushering it to the top tier of the global beauty industry. An April 22 SEC filing offers inside details on Coty and P&G's businesses and how the deal came together.
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