Avon Products has sold natural skincare brand Liz Earle to Walgreens Boots Alliance for £140m.
Having acquired Liz Earle in March 2010, Avon has managed the brand as a standalone business, separating it from the company’s core direct-selling operations. The divestiture will allow Avon to focus on its standalone operations, the company states.
Avon Chief Executive Officer Sheri McCoy, said, “Avon remains committed to our strategic priorities, and we are focused on promoting our own skincare and broader beauty portfolio. It is important to ensure all areas of the business are well-positioned to deliver near-term contributions as well as long-term opportunity. This transaction allows Avon to realize immediate benefits while continuing to strengthen our balance sheet.
“Liz Earle is the perfect fit for Walgreens Boots Alliance where it already has a strong presence in its retail stores.”
In 2014, Liz Earle represented approximately 1 percent of the company’s consolidated revenue and adjusted operating profit, or approximately 3 percent of its Europe, Middle East & Africa reporting segment’s revenue and adjusted operating profit.