L’Oreal to acquire YSL Beaute Holding in $1.68 billion deal
PARIS L’Oreal plans to acquire PPR’s YSL Beaute Holding for 1.15 billion euros (U.S.$1.68 billion) and license the Yves Saint Laurent and Boucheron perfumes and cosmetics.
Under the agreement, L’Oreal will also take over the licenses for the Stella McCartney, Oscar de la Renta and Ermenegildo Zegna brands of perfumes and cosmetics.
PPR will retain ownership of the Yves Saint Laurent, Boucheron and Stella McCartney brands under the agreement. The deal is expected to close in the coming weeks.
“This proposed agreement represents a great opportunity for L’Oreal and its Luxury Products Division. Yves Saint Laurent is a mythical French luxury brand. It is admired the world over and is particularly complementary with our current brands,” stated Jean-Paul Agon, L’Oreal chief executive officer. “We are convinced that its integration into our Luxury Products Division would speed up its development. This strategic agreement will reinforce our position in the luxury cosmetics market.”
YSL Beaute generated sales of about 630 million euros (U.S. $920 million) in 2006 wit this Yves Saint Laurent brand as well as with the Roger&Gallet, Boucheron, Stella McCartney, Oscar de la Renta and Ermenegildo Zegna brands. YSL Beaute is part of PPR’s Gucci Group luxury division.
AMBI is accepting applications for women’s science scholarship
SKILLMAN, N.J. AMBI Skincare has announced that it is now accepting applications for the 2008 AMBI Scholarship in Science & Medicine for minority women.
The national program is designed to recognize, reward and support African-American and Hispanic women who have a desire to pursue a career in science and medicine.
To help provide these women with another opportunity to enter the science and medicine fields, AMBI Skincare has contributed $50,000 to be awarded to five African-American and Hispanic women, each receiving $10,000 toward tuition for any nationwide accredited science or medicine program.
The program is open to African-American and Hispanic women who are legal residents of the United States. Applicants must be 21 years of age or older and will also be asked to demonstrate financial need. Submissions will be accepted online only beginning now through March 21, 2008. No product purchase is necessary to be considered. To apply or get additional information, visit www.ambiskincare.com.
The AMBI Scholarship in Science & Medicine is sponsored by Johnson & Johnson Consumer Products Company, a division of J&J Consumer Companies Inc., maker of AMBI brand products.
The AMBI brand is best known for its fade creams, which helps fade dark spots and skin discolorations to restore even, natural skin tone, and specialty bars to cleanse skin. In 2006, the brand launched the daily facial care line AMBI Even & Clear.
Rabain announces retirment from L’Oreal
PARIS L’Oreal has announced that Patrick Rabain, executive vice president of consumer products, will retire at the end of February.
“Patrick Rabain is clearly one of the major figures in the history of L’Oreal. Working closely from his early days with Lindsay Owen-Jones, he played a leading role in our company’s development throughout a career entirely devoted to consumer products, driving its growth tremendously by maximizing the power of its major brands and successfully rolling them out on all continents,” stated Jean-Paul Agon, chief executive officer.
Rabain began his career at L’Oreal in 1973 as head of marketing studies at L’Oreal Paris. He was successively appointed marketing director of L’Oreal Paris, director of L’Oreal United Kingdom, director of L’Oreal Germany and director of consumer products France. Since 1996, he has held his current role.
Succeeding Rabain is Jean-Jacques Lebel, executive vice president of professional products.
Lebel joined L’Oreal in 1981 as managing director of L’Oreal Paris in Great Britain. He was then appointed managing director of Laboratoires Garnier France, director of L’Oreal United Kingdom and managing director of the Latin America zone. In 2001, he became executive vice president of professional products.
Nicolas Hieronimus is succeeding Lebel at the professional products division.
Hieronimus joined the marketing department of Garnier and Gemey/Maybelline at the age of 23 and was appointed in 1993 marketing director of Laboratoires Garnier in France, and then managing director of Garnier/Maybelline in Great Britain, before becoming managing director of L’Oreal Paris France. In 2000, he became the first international managing director of the L’Oreal Paris brand. From 2005 to 2007, he was in charge of L’Oreal Mexico. In January 2008, he was appointed managing director of the professional products division.