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.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"