iConnectHub

Login/Register

WeChat

For more information, follow us on WeChat

Connect

For more information, contact us on WeChat

Email

You can contact us info@ringiertrade.com

Phone

Contact Us

86-21 6289-5533 x 269

Suggestions or Comments

86-20 2885 5256

Top

Avon Products divests Liz Earle brand

Source:Ringier Personalcare Release Date:2015-07-17 649
Personal Care
Add to Favorites
Walgreens Boots Alliance will take control of the skin care brand based in the UK

AVON Products has sold Liz Earle, its wholly-owned, UK-based natural skincare brand, to Walgreens Boots Alliance for £140 million in an all-cash transaction.

Liz Earle skin care (Photo: Liz Earle)

"Avon remains committed to our strategic priorities, and we are focused on promoting our own skincare and broader beauty portfolio. It is important to ensure all areas of the business are well-positioned to deliver near-term contributions as well as long-term opportunity. This transaction allows Avon to realize immediate benefits while continuing to strengthen our balance sheet," said Avon Chief Executive Officer Sheri McCoy. "Liz Earle is the perfect fit for Walgreens Boots Alliance where it already has a strong presence in its retail stores."

Avon managed the Liz Earle brand as a standalone business since it was acquired in March 2010. Four years later, Liz Earle was accounting 1% of the Avon’s consolidated revenue and adjusted operating profit, or approximately 3% of its Europe, Middle East & Africa reporting segment's revenue and adjusted operating profit. Proceeds from the transaction will be used for the company's anticipated redemption of $250 million, 2.375% Notes due March 2016. This is a significant step forward in enhancing the company's capital structure to advance its strategic priorities.

NIKE AIR MAX
Add to Favorites
You May Like