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MINNEAPOLIS The competition within the beauty industry is stepping up a notch as Regis Corp. announced plans to acquire PureBeauty and BeautyFirst salon operations—a move that will enable Regis to transform its Trade Secret stores from a retailer of professional hair care products to a boutique also offering skin, cosmetics and bath products.
Regis currently holds a 19.9 percent equity interest in PureBeauty and BeautyFirst. The deal is expected to close in February.
“Our customers have told us they want more than professional hair care products and, with today’s increased competition and diversion issues, it is critical that we execute on the transformation of Trade Secret to a beauty boutique,” stated Paul Finkelstein, chairman and chief executive officer of Regis Corp.
The company plans to rebrand most of its Trade Secret locations to PureBeauty and most of its Beauty Express locations to BeautyFirst. It will combine the “best of all of our brands, bringing together PureBeauty’s and BeautyFirst’s strength in skin, cosmetics and bath with Trade Secret’s existing professional hair care platform and exceptional real estate,” noted Finkelstein.
Steve Hudson, president and chief executive officer of PureBeauty and BeautyFirst, will become chairman of the division and will be responsible for the strategic oversight and execution of the transformation plan.
PureBeauty and BeautyFirst operations consist of 63 company-owned locations and 51 franchise locations operating in 20 states. Consolidated annual revenues total about $65 million. Including the sales of franchisees, system-wide sales are about $110 million.