THE WHAT? Oriflame has become the latest beauty firm to announce the sale of assets in Russia, according to a report published by Direct Selling News. The deal is expected to close in the second quarter of the year.
THE DETAILS The Swedish direct sales firm has signed a binding agreement with Arnest Management to sell 100 percent of the sales in Cetes Cosmetics Russia, Oriflame’s manufacturing entity in the country.
THE WHY? The sale forms part of a previously announced strategic review of Oriflame’s assets in Russia following the country’s invasion of Ukraine.