Elizabeth Arden hires Goldman to explore sale-sources
NEW YORK, April 24
NEW YORK, April 24 (Reuters) - Elizabeth Arden Inc has hired Goldman Sachs Group to explore a sale and reached out to a small group of potential buyers, according to people familiar with the matter.
The U.S. cosmetics company, which has a market capitalization of about $960 million, has decided to gauge buyer interest after its share price has come under pressure in the last 12 months amid weak sales in its key North American market, the people said.
The people asked not to be named because the matter is not public. Representatives for Elizabeth Arden did not respond to requests for comment, while Goldman Sachs declined to comment.
News of the sale process came after South Korea's LG Household & Healthcare Ltd said on Wednesday that it is looking at several potential acquisitions, including one for Arden.
In addition to its namesake brand, Elizabeth Arden is known for celebrity brand perfumes such as those of Taylor Swift and Justin Bieber, as well as skin care brands like Ceramide and Prevage. (Reporting by Soyoung Kim and Olivia Oran in New York, additional reporting by Phil Wabha in New York)