LONDON — PZ Cussons is dipping its toes into the spa market.
The U.K.-based personal care and consumer goods firm announced Tuesday it acquired Sanctuary Spa Holdings for 75 million pounds, or $148.6 million at current exchange, from private equity firm HgCapital. The business includes treatment and bath-and-body lines, plus a day spa located in Covent Garden here.
"The Sanctuary business represents an excellent strategic opportunity for PZ Cussons, giving us a greater presence in the premium segment of the U.K.'s personal care market through an established and well-respected brand," said Alex Kanellis, group chief executive of PZ Cussons plc, in a statement. "We see considerable opportunities to create further value from the Sanctuary business, through combining our new product and brand development expertise with theirs, developing the brand's international sales and exploring opportunities to develop the spa concept further. There are also synergies to be derived, particularly in the area of supply chain."
PZ Cussons, whose personal care portfolio includes Imperial Leather, Carex and Original Source, rang up revenues of 299.5 million pounds, or $607.2 million at average exchange, for the six-month period ended Nov. 30.
Sanctuary's revenues for the year ended Aug. 31 came in at 26.3 million pounds, or $51.5 million at average exchange, while pretax profits came in at 3.9 million pounds, or $7.6 million.
The Sanctuary brand, which is carried in Boots the Chemists in the U.K. and Target in the U.S., represents 70 percent of Sanctuary Spa Holdings revenues. The Sanctuary Spa hosts 64,000 clients annually, according to the company.
"The iconic spa in Covent Garden underpins our brand authority and has enabled us to develop the products business into one of the U.K.'s leading body care brands," said Alice Avis, chief executive of The Sanctuary Spa, in a statement released by HgCapital. "We have also expanded the business into international markets, with particular success in the U.S., where sales grew by 80 percent over the Christmas period.
"PZ Cussons has an excellent reputation in the industry, and we look forward to working with them to develop The Sanctuary Spa further, both in the U.K. and internationally," she continued.
Breaking News: @louisvuitton's men's artistic director @mrkimjones is leaving the French fashion house after nearly 7 years. Jones joined Louis Vuitton in 2011, following a three year tenure as creative director of British luxury goods brand Alfred Dunhill. Jones is to exit Louis Vuitton after showing his fall 2018 collection for the brand in Paris on Thursday. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews