Unilever to sell off fragrance brands

by Staff,, Brand Republic 12-Aug-02, 08:15

LONDON - Unilever is to put some of the world's best-known fragrances on the market, including Calvin Klein and Valentino, as it continues to slim its brands portfolio and focus on its key food and personal care businesses.

The brands will be sold as part of the Anglo-Dutch consumer product giant's Unilever Cosmetics Division, which is reported to be up for sale. The division includes brands such as Vera Wang, Cerruti and Nautica. It could fetch as much as $750m (£490m), according to reports.

Potential buyers could include the designers behind the fragrances, or other cosmetics companies including Procter & Gamble and Estee Lauder. Unilever has already divested some of its fragrance interests over the past two years, including Elizabeth Arden and the rights to Elizabeth Taylor's fragrance brands, which include White Diamonds.

Other brands it has sold in its "path to growth" strategy, which will see the number of brands slimmed from 1,600 to 400, include Mazola, the cooking oil business. It is also cutting staff numbers by 25,000.

The market for luxury fragrances has been hit by the economic downturn, especially since the September 11 terrorist attacks.

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