NEW YORK Revlon has sold its non-core Bozzano brand, a men’s hair care and shaving line, and certain other non-core brands sold in the Brazilian market.
Revlon brand color cosmetics will continue to be marketed in Brazil through its current third party distributor.
The gross purchase price was about $104 million in cash. The company expects net proceeds, after payment of taxes and transaction costs, to be about $94 million. It is currently evaluating the most appropriate use of net proceeds from the deal.
“Our business strategy is to build and leverage our strong brands worldwide, particularly the Revlon brand. This transaction presented Revlon with an opportunity to monetize a non-core, non-strategic brand at a very attractive valuation, while enabling us to remain focused on building our core brands around the world,” stated Revlon president and chief executive officer David Kennedy.