Following a month of negotiations [WAMN: 06-10-00], Anglo-Dutch consumer goods giant Unilever yesterday announced completion of the sale of its perfume and skincare brand Elizabeth Arden to Miami’s FFI Fragrances.

However, the price of £155 million ($225m) is a fraction of the estimated $1 billion Unilever paid for the brand in 1989. The company claimed the loss was mitigated by the positive effect of the brand on its other fragrances and skincare products.

FFI also picked up the licences for the Passion and Elizabeth Taylor’s White Diamonds perfume brands

Unilever’s Charles Strauss stated that the group would now concentrate on its core fragrance brands, such as Calvin Klein, to achieve more rapid innovation.

News source: Financial Times