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Amway parent sells $175M cosmetics subsidiary
Amway’s parent company has sold a $175-million cosmetics subsidiary to a Japanese buyer.
Ada-based Alticor said last week that it signed an agreement with Shiseido Americas Corporation, a subsidiary of Tokyo-based Shiseido Co., Ltd., to sell 100 percent of the membership interests in Gurwitch Products, a maker of "prestige" cosmetics and skincare brands.
Gurwitch includes the company’s portfolio of Laura Mercier and RéVive brands.
Laura Mercier sells makeup, skincare, bath and body and fragrance products across more than 1,120 stores in 27 countries. ReVive sells a range of skincare products.
Terms of the deal were not disclosed.
The deal is expected to close in the third quarter of 2016, following the completion of customary regulatory approvals and closing conditions.
"Shiseido has the tools and expertise to help these brands continue to thrive and shares Gurwitch's unwavering dedication to empowering customers and celebrating individual beauty,” said Candace Matthews, president of the Americas Region, Amway. “I am excited to see what's in store for these brands and their customers as part of the Shiseido organization."
Shiseido’s acquisition of Gurwitch’s portfolio is consistent with the company’s VISION 2020 growth plan and strategy to leverage regional strengths, assets and expertise for global benefit.
“Shiseido is well-positioned to generate significant value from this attractive acquisition opportunity, and we are energized to use our regional and global resources to take these brands to the next level and further strengthen our overall position in the marketplace,” said Marc Rey, president and CEO, Shiseido Americas.
Founded in 1872 as the first Western-style pharmacy in Japan, Shiseido Co. has evolved into a global cosmetics company.
The company’s global selection of skincare, makeup and fragrances are sold in more than 120 countries and regions.