As talk of a possible acquisition circulates, Elizabeth Arden Inc. is getting its house in order, disclosing the first details of the company’s restructuring plan.
The plan, which was first disclosed in May and approved by Arden’s board on Monday, calls for reducing head count; exiting underperforming businesses, retail doors and fragrance licenses; discontinuing certain products, and shuttering the Puerto Rico affiliate. The effort, dubbed the Performance Improvement Plan, is expected to yield annual savings of approximately $27 million to $35 million, according to the company, and is part of a larger restructuring and cost-cutting program intended to wring out $40 million to $50 million in annual savings once fully implemented.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)