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HELPING HAITI: Despite losing several family members and waiting to hear on the state of her brother, Haitian-born and Brooklyn-raised manicurist Myrdith Leon-McCormack is too driven to get lost in her emotions and not help her home country. Leon-McCormack said earlier this week she has been dealing with diplomats to help organize projects to assist in a rebuilding effort. To that end, she has gathered many of her high-profile beauty and fashion colleagues — Ted Gibson, Warren-Tricomi, Kissable Couture, Carmindy, Tracy Reese and Dana Gibbs — to serve as sponsors for Beauty With a Purpose: For the Love of Haiti, a two-day event she plans to hold during New York Fashion Week for editors, stylists, celebrities and designers. Each sponsor will donate items from their respective lines and proceeds from their sales will go to benefit a selection of charities. More sponsors are being courted to help fund the event, which will be held at the Bryant Park Hotel; the hotel is sponsoring one of the days. For more information, send an e-mail to Haiti@cmdpublicrelations.com.
COSMOLAB AUCTION: All4 Cosmetics Inc., a subsidiary of Schwan-STABILO Cosmetics GmbH & Co KG, inked a deal on Jan. 15 to purchase Cosmolab Inc. five days before the color cosmetics firm, based in Lewisburg, Tenn., filed its Chapter 11 petition in a Delaware bankruptcy court. According to bankruptcy court records, Cosmolab filed along with affiliated debtor Specialty Packaging Holdings, the lead debtor in the bankruptcy case. The proposed transaction, records said, is valued at $13 million in cash, minus adjustments such as any account shortfalls and up to $1 million in payments to suppliers, plus any assumed liabilities. The deal is subject to better offers at a required bankruptcy court auction. An affidavit from Michael J. Musso, chief restructuring officer and interim chief executive officer, filed in Delaware bankruptcy court, said the global market for the debtors’ lip and eye categories has “wholesale sales of approximately $300 million, with Cosmolab being ranked as a top 10 supplier in terms of sales.”
REGIS RESULTS: Salon operator Regis Corp. swung to a profit of $18.2 million, or 30 cents a diluted share, during its second quarter ended Dec. 31, from a loss of $143.3 million, or $3.34, in the same period a year ago. “Second-quarter earnings results benefited from an unplanned actuarial adjustment to prior years’ workers’ compensation and other insurance claim reserves of approximately [2 cents] per diluted share,” the Minneapolis-based firm said, noting that without the item, earnings were 28 cents a diluted share. On average, Wall Street analysts estimated earnings per share of 26 cents, according to Yahoo Finance. The year-ago loss included an aftertax loss from discontinued operations of $117.5 million.
BEAUTY SALES DOWN: Prestige beauty sales were down in the U.S. and in several international markets in 2009, according to The NPD Group, but there was one bright spot — China — which saw a 17 percent increase in fragrance, makeup and skin care dollar sales between January and October. In the U.S., prestige beauty sales were down 6 percent for the year, compared with 2008. All of the U.S. prestige categories experienced dollar sales declines, stated NPD. Prestige fragrance posted the biggest decline, followed by prestige makeup and prestige skin care.
GUIDELINE REVIEW: European competition policy makers are reviewing 10-year-old retail regulations that allow for selective distribution networks and permit manufacturers of everything from beauty products to cars to jewelry to impose quality standards on distributors. The existing rule expires by May 31. On July 28, 2009, the European Commission issued a draft proposal for a renewal of the regulation, including a couple of slight modifications. Among them is one intended to take into account new forms of distribution, particularly due to the development of e-commerce.