In Brief: Revlon Sale?; P&G/Coty Fragrance Transfer; More
This article was originally published in The Rose Sheet
SEC filing affirms Revlon is exploring strategic alternatives; Procter & Gamble will transfer 10 fragrance licenses to Coty. More news in brief.
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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.
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.
In his first quarterly call with analysts after coming on board with Revlon Inc. less than a month ago, new President and CEO Fabian Garcia offered his assessment of the company and its prospects for the future.