PZ Cussons has sold its Polish shower brand Luksja to Sarantis in a deal that will cost the Greek FMCG manufacturer £9.222 million, according to a press release issued by the Athens-based firm. Luksja bought in sales of €16 million over 2018 and is the leading bar soap, liquid soap and bath foam brand in Poland.
As part of the deal, Sarantis Group will act as a distributor for PZ Cussons-owned brands currently sold in the EU, including Morning Fresh, Carex and Original Source.
“The proposed sale of Luksja forms part of PZ Cussons’ new strategy to ‘focus, Scale and Accelerate’, announced along with our final results on July 23,” PZ Cussons CEO Alex Kanellis told Proactive Investors. “We are streamlining the group to focus investment on core Personal Care and Beauty brands to deliver higher margin earnings in geographies that can scale, with the aim of returning the group to sustainable, profitable growth.”
“The acquisition, completely aligned with the Group’s strategic growth plan, is a great fit within the Group’s portfolio and reinforces its position as a leading consumer products company, supporting further the group’s geographical footprint in its territory. Moreover, Luksja offers numerous expansion opportunities by leveraging its strong brand equity to diversify into adjacent subcategories of the personal care market,” Sarantis said in a statement.