Unilever will sell its Elida Beauty business to an American private investment firm as it looks to optimise its personal care portfolio.
The financial terms of the deal, which were not disclosed, are expected to close in mid-2024.
The buyer, Yellow Wood Partners, has already invested in a host of personal care products including Dr Scholl’s foot care line and Real Technique makeup brushes.
Fabian Garcia, president of Unilever Personal Care, said that the sale marks another step towards the “optimisation of its personal care portfolio�.
“Our priority is to step up the growth of our Power Brands by investing behind key strategic focus areas such as driving unmissable brand superiority and scaling multi-year innovations.
He added: “Elida Beauty’s portfolio comprises iconic and classic beauty and personal care brands. I am sure under the new ownership they will continue to prosper and serve consumers across North America and Europe.�
It comes as Unilever’s latest trading update shows that Beauty and Wellbeing fell by 4.9 per cent on last years figures to €3.1bn (£2.71bn).Â
As part of the turnaround plan, Unilever said it is now aiming for between three to five per cent of underlying sales growth.
Unilever has made a number of disposals this year, as it continues its cost-cutting drive.
