Consumer goods major Unilever will sell its luxury perfume business, which produces Calvin Klein, Cerruti and Vera Wang fragrances, for $800 million (£438 million). The Anglo-Dutch group said it had agreed to sell Unilever Cosmetics International (UCI) to US health and beauty company Coty.
Unilever has been selling off non-core assets to focus on key food and homecare products. “This is an excellent strategic move for Unilever and one that is fully in line with our strategy to focus on our core categories,” said Unilever’s chief executive, Patrick Cescau.
Unilever’s leading consumer brands include Ben & Jerry’s ice-cream, Dove soap and Pot Noodle snacks. UCI generated sales of $600 million last year.
New York-based Coty said its purchase will help to boost its own sales in the United States and Europe, as well as build a stronger presence in Asia. Coty’s perfume brands include Joop and Jennifer Lopez.
– Bangalore Bureau