Revlon sells Bozzano, other Brazilian brands
NEW YORK Revlon has sold its non-core Bozzano brand, a men’s hair care and shaving line, and certain other non-core brands sold in the Brazilian market.
Revlon brand color cosmetics will continue to be marketed in Brazil through its current third party distributor.
The gross purchase price was about $104 million in cash. The company expects net proceeds, after payment of taxes and transaction costs, to be about $94 million. It is currently evaluating the most appropriate use of net proceeds from the deal.
“Our business strategy is to build and leverage our strong brands worldwide, particularly the Revlon brand. This transaction presented Revlon with an opportunity to monetize a non-core, non-strategic brand at a very attractive valuation, while enabling us to remain focused on building our core brands around the world,” stated Revlon president and chief executive officer David Kennedy.
Kroger revamps cosmetics aisles
CINCINNATI, Ohio According to reports, Kroger, which revamped its cosmetics department at three of its stores in the Ohio region, might soon take that approach to its stores across the country.
The newly designed cosmetics aisles feature wider aisles and mirrors and are a response to the needs of the aging baby boomer population and an attempts at driving consumers away from department stores, reports said.
Kroger, according to reports, said it is hoping that by beefing up cosmetics, it will regain some of the share in this segment that it has lost to mass merchants and drug stores.
P&G uses Crest in new CoverGirl lip gloss
CINCINNATI Procter & Gamble recently introduced its new CoverGirl WetSlicks AmazeMint lip gloss, which leverages the Crest technology.
The new collection, available beginning July, contains Crest Peppermint Oil for a burst of fresh breath. The lip gloss has a suggested retail price of $4.99.
To promote the launch, CoverGirl recently teamed up with P.F. Chang’s China Bistro to offer female diners an exclusive opportunity to try the new product. On July 4, the first 500 women to dine at the restaurant in Metairie, La., received a free lip color before it hit stores.