PARIS — A continuation plan for Selective Beauty has been approved by the commercial court of Bobigny, France.
This story first appeared in the July 31, 2009 issue of WWD. Subscribe Today.
The fragrance distribution and manufacturing concern had entered into administration in France in March.
On July 21, the court gave a nod to the plan proposed by Selective Beauty’s existing majority shareholder Investindustrial — through its subsidiary Perfume Holding — and Orlando Italy, a new stakeholder.
“Existing and new investors committed to making a considerable investment in Selective Beauty to finance growth,” said Corrado Brondi, Selective Beauty’s founder, without divulging the specific amount.
According to the continuation plan, the company’s reorganization in France is under way. Whereas in the past Selective Beauty’s business included a host of fragrance manufacturing and distribution licenses, it will now center on a limited number of partnerships.
On the distribution side, the firm maintains its license to sell Inter Parfums-produced fragrance brands in Italy. Selective Beauty’s fragrance license line-up includes the John Galliano, Iceberg, Max Mara, Trussardi and Benetton labels.
In line with its continuation plan, Selective Beauty appointed Enrico Ceccato as its chief executive officer in mid-July. He replaces Remy Sassin, who resigned. Ceccato also serves as a director of Orlando Italy.
Selective Beauty executives would not discuss the company’s sales. However, industry sources estimate the firm’s revenues in 2008 were 180 million euros, or $264.8 million at average yearly exchange.
In July 2008, Investindustrial acquired 77 percent of Selective Beauty.