Companies such as Henkel, Revlon and Coty are preparing bids to acquire Procter & Gamble beauty brands, Reuters reported on Wednesday.
The report cited unnamed sources claiming that Henkel is interested in buying P&G’s haircare business, which includes the Wella and Clairol; Revlon is eyeing P&G cosmetic brands CoverGirl and Max Factor; and Coty is set to acquire P&G’s fragrance unit and possibly cosmetic labels as well.
Representatives from Henkel, Coty and Revlon declined to comment on speculation. However, Reuters reported that the companies are consulting with investment banks ahead of a first-round bid deadline set for next week.
In August last year, P&G Chief Executive Officer A.G.Lafley announced plans to shed around 100 of the consumer goods giant’s less profitable brands to enable it to focus on a core of 65 fast-growing product lines.
AG Lafley aims for the separations to be completed by July.