P&G to acquire The Art of Shaving
CINCINNATI Procter & Gamble is bolstering its presence in the men’s grooming segment by acquiring the upscale brand The Art of Shaving, according to published reports.
The financial terms of the deal have not been disclosed but some industry sources have been quoted as pegging the purchase price at around $60 million.
According to published reports, The Art of Shaving will continue to run from its Miami headquarters, with founder Eric Malka staying on board and founder Myriam Zaoui working as a consultant.
The Art of Shaving, founded in 1996, sells razors and other shaving products at its own shops and through high-end department stores.
In 2007, P&G and The Art of Shaving teamed up to launch the Fusion Chrome Collection, a premium assortment of shaving instruments. The collection was sold at high-end retailers like Barney’s, Neiman Marcus and Saks Fifth Avenue and retailed for $150 for the Power Razor and $125 for the Manual Razor.
Rogaine names celebrity hairstylist as brand spokesman
MORRIS PLAINS, N.J. McNeil-PPC’s Rogaine hair regrowth treatment has named celebrity hairstylist Thom Priano of the Garren New York Salon as a spokesman for the brand to help educate consumers, stylists and media on how to treat and style thinning hair.
“Every day in our salon, we see clients with hair loss,” stated Priano, who has worked with top photographers to create the most stylish looks for male and female celebrities in Hollywood, sports, music and fashion. “It’s an emotional experience and as a Rogaine user myself, I understand exactly what they’re going through. What’s important for people to know is that Rogaine is an effective hair regrowth treatment and also that there are many great styling techniques and cuts available to make hair look thicker and fuller.”
Hereditary hair loss is a widespread condition affecting millions of men and women worldwide. According to the company, it accounts for 95% of all hair loss and will affect almost half of all men (40%) and 1-in-4 women.
Priano’s editorial and advertising work for the fashion industry has graced the pages of leading publications, including: GQ, Details, Vogue, L’uomo Vogue, Men’s Vogue, Italian Vogue, W, Interview, Elle, Allure, Vanity Fair and Harper’s Bazaar.
Revlon announces global organizational restructuring
NEW YORK Revlon is implementing a worldwide organizational restructuring to curb costs, a move that will result in the elimination of about 400 positions, including roughly 325 current employees and about 75 open positions.
The beauty company expects this restructuring will save roughly $30 million annually, about $15 million of which will benefit 2009 results.
The primary components of the restructuring involve consolidating certain functions; reducing layers of management, where appropriate, to increase accountability and effectiveness; streamlining support functions to reflect the new structure; and further consolidation of the company’s office facilities in New Jersey.
“Today’s announcement represents an important, necessary and logical next step forward for Revlon. Over the past two years, we have built improved and more efficient processes and workflows, which now allow us to take this step to reduce annualized costs by approximately $30 million,” stated Alan Ennis, Revlon president and CEO.
The moves are expected to result in charges of $20 million, comprised of $17 million in employee-related costs, including severance and other termination benefits, and $3 million related to the consolidation of the New Jersey office facilities. Revlon stated that roughly $17 million of the charges will be recognized during the second quarter 2009, while the remaining $3 million will be recognized in the second half of 2009. All of the charges are expected to be paid out over the 2009 to 2012 period, including $11 million in 2009, $6 million in 2010, and the balance of $3 million to be paid thereafter.
Commenting on its outlook for the second quarter 2009, Ennis said the company expects “a significant negative impact on net sales and profitability” due to retailers scaling back inventory levels in light of the current economic situation, unfavorable foreign currency fluctuations and pension expenses.