The start of the year saw Revlon fighting off speculation it was an acquisition target, now the brand is turning the rumours on its head with news coming out yesterday that it is set to purchase Elizabeth Arden for around $AU1.2 billion.
The acquisition will see Revlon build on its portfolio of beauty brands - increasing its presence in categories such as skincare and perfume - and strengthening its position in the global cosmetics industry.
"Revlon plans to build upon Elizabeth Arden's ongoing transformation by further enhancing the brand. Combining our brands, talent and global distribution will give our company a significant presence in all major channels and categories, while accelerating sales growth in existing and new geographic regions," says Revlon chief executive officer Fabian Garcia.
The deal is expected to close by the end of the year.
