Helen of Troy has put its ailing beauty unit up for sale. The company is said to be hoping to fetch some US$300 million for the personal care division, which includes Sure aerosols, Brut cologne and Pert Shampoo.
Sales of Helen of Troy’s smallest unit dropped to US$365 million in 2018, from US$435 million in 2015. The company is said to be selling up in order to better focus on its faster-growing ‘Leadership Brands’, which span the homeware and health categories.
“Leadership Brands remain the primary focus for Helen of Troy,” said Julien R. Mininberg, Chief Executive Officer. “As it relates to our Beauty Segment, today’s announcement of a formal process for the Personal Care brands allows us to concentrate resources on Beauty appliances, including our market-leading Hot Tools and Revlon brands.”
“We believe our well-established strategy positions Helen of Troy for continued and further long-term sales and profit growth. That strategy centers on driving further improvements across our current businesses, our geographic footprint, our global shared services, and the overall strength of our organization, while pursuing additions to our Leadership Brand portfolio through acquisition. Overall, we believe we have the balance sheet, the capabilities, the culture, and the passionate, owner-minded people to elevate our brands and business to a higher level of growth.”