Valeant seeks to acquire OTC company
ALISO VIEJO, Calif. Valeant Pharmaceuticals International, whose consumer brands include CeraVe and Kinerase, has announced that its wholly owned subsidiary, Valeant Canada Limited, is looking to acquire Vital Science, a Canadian OTC dermatology company, for C$10.5 million.
The deal is expected to close in the second quarter. Vital Science currently has annualized sales of roughly C$11 million.
“Combining another attractive dermatology company with the Dr. Renaud portfolio we acquired last year is another significant step in our Canadian strategy,” stated J. Michael Pearson, chairman and CEO. “Vital Science’s established brands such as dermaglow and Heiko, along with its strong distribution network in the Canadian retail channel, will enhance our current portfolio of products while providing us with the ability to more broadly promote our U.S. consumer brands such as CeraVe and Kinerase in the Canadian marketplace. We look forward to continuing to actively support the promotion of dermaglow and Heiko in the Canadian market as well as select international geographies.”
Ulta appoints seasoned retail executive as president, COO
BOLINGBROOK, Ill. Beauty retailer Ulta has appointed former Office Depot executive Chuck Rubin to serve as president and COO.
Rubin, who also will serve as a member of the board, will assume his new role on May 10. Following a transition period of up to four months, Rubin will become CEO. Lyn Kirby will continue as CEO through the transition period, and thereafter will provide guidance and counsel as a member of the company’s board of directors through March 17, 2011.
“We are delighted to attract Chuck to Ulta as president and COO. Chuck’s extensive retail background and knowledge of retailing will be highly valuable to us as the company continues to execute its proven strategy and maintain its successful track record of growth,” stated Kirby. “Chuck is joining us at an opportune time with this established platform for future growth. One of my key priorities is to ensure a smooth transition in leadership and continue our strong performance. I am looking forward to providing insight and perspective to Chuck as well as assisting Ulta to reach its goals and objectives, as a member of our board of directors.”
Rubin comes to the 348-store beauty chain with 30 years of retail experience. He joined Office Depot in 2004 as EVP and chief merchandise and marketing officer, rising to president North American retail in 2006. Prior to joining Office Depot, he spent six years at Accenture Consulting in senior leadership roles including partner. At Accenture, he advised clients and led engagements across retail formats and e-commerce businesses. He has extensive experience building partnerships and with key brands ranging from mass market to prestige in both the specialty and department store channels.
Mintel: Online beauty market will grow, courtesy of baby boomers
CHICAGO A recent report by Mintel indicated that the online beauty market is poised for significant growth, given that the female baby boomer population is more Web-savvy than ever.
“Female baby boomers are one of the largest beauty care segments, known for their spending power, proactive health habits and dedication to product research,” stated Kat Fay, senior analyst at Mintel. “In fact, these women spend 13 or more hours online a week, making the online market a powerful resource if retailers can get boomers to log on.”
The Mintel Beauty Retailing report found that 1-in-10 respondents report using some type of online retailer to purchase cosmetics and skin care aids, and the female boomer population is expected to increase by 30.9% from 2005 to 2015.
When looking strictly at online sales, 8% of those surveyed visit mass merchandiser sites for beauty products: 8% order from Walmart.com: 8% from Target.com; 5% patronize drug store sites like CVS or Walgreens and 8% visit other unnamed online retailers.
Creating of online beauty retailers also has contributed to the continued growth of the Internet market. Fay noted that “innovations like virtual makeovers, new product Tweets and online-only sweepstakes draw in consumers and provide them with benefits and discounts they can’t find in an actual brick-and-mortar store.”