Cosmetics firm P&G has sold off its luxury hair brand Frédéric Fekkai to joint venture Fekkai Brands. Procter & Gamble also had a network of hairdressers, equally named Frédéric Fekkai, which it also sold off to the same company.
Sold because of internal restructuring
Fekkai Brands is a joint venture from Dilesh Metha (Designer Parfums' CEO) and Tony Bajaj (LUXE Brands' CEO). The goal is to expand its own portfolio through the acquisition.
P&G is currently undergoing a restructuring and wants to sell off up to 100 brands. The cosmetics company wants to focus on its large, profitable brands like Pantène and Olay.
Procter & Gamble bought Frédéric Fekkai in 2008 for 400 million dollars (368 million euro), but it is unclear how much it has received for the sale.
Frédéric Fekkai's hairdresser salons currently employ 225 people, who will all keep their job. Frédéric Fekkai himself will stay on as an advisor.