PARIS — Groupe Clarins is not for sale, according to Olivier Courtin-Clarins, the company's vice president of research and development, on Friday.
He was responding to rumors circulating that the company is on the block since his father and Clarins founder, Jacques, died late last week.
"They are rumors," maintained Courtin-Clarins. "There is no change in capitalization. There is no need to sell. The company remains run by my brother and myself. There is no strategic change."
Courtin-Clarins was referring to his brother, Christian, who is Clarins' president and chief executive officer.
As reported, the company's stock price had risen on the news of senior Courtin-Clarins' passing. Sources had cited, among other possible suitors, Procter & Gamble, the Estée Lauder Cos., L'Oréal and LVMH Moët Hennessy Louis Vuitton. — Jennifer Weil
KKR, Pessina to Review Alliance Boots' Books
LONDON — Alliance Boots said Friday it has agreed to open its books so that Kohlberg Kravis Roberts & Co. and Stefano Pessina can undertake due diligence after the suitors sweetened their potential takeover approach to over 10 billion pounds, or $19.68 billion at current exchange.
KKR and Pessina, who is Alliance Boots' executive deputy chairman and holds a 15 percent stake in the company, said in a regulatory announcement Friday that they had upped their potential bid to 10.40 pence, or $20.47, valuing the company at 10.1 billion pounds, or $19.88 billion.
On March 12, Alliance Boots, which owns health and beauty retailer Boots the Chemists and a wholesale pharmaceuticals business, rebuffed the consortium's initial advance of 10 pounds, or $19.69, per share, claiming it did not reflect the fundamental value of the company.
KKR, a private equity firm, and Pessina said the latest announcement does not signify a firm intention to make an offer; however, analysts are bullish about its chances.
"It's virtually a done deal," said Richard Ratner, chief analyst at Seymour Pierce in London, adding that while other companies are also likely to be eyeing Alliance Boots, Pessina's strong links with the company's wholesale business and the high price potentially on offer could turn other suitors off. "It's a very good deal for shareholders."KKR and Pessina said in the statement they expect to commence due diligence shortly. "The consortium's investment rationale is predicted on long-term growth," the consortium said in the statement. "Its objective is to work with the existing management team to enhance Alliance Boots' position as a global leader in the health care services and beauty industries. The consortium is also committed to building upon Alliance Boots' unique position as a trusted U.K. brand and retail institution."
Last week, Alliance Boots announced plans to invest 65 million pounds, or $128 million, to rebrand a majority of its 900 community pharmacies to take on a recently tested "your local Boots pharmacy" format. The pharmacies were owned by Alliance UniChem prior to its merger with the Boots Group in July last year. — Brid Costello
Symrise Sees Red in 2006
LONDON — Flavors and fragrances firm Symrise reported Thursday a net loss of 89.9 million euros, or $119.9 million at current exchange, for 2006.
The Holzminden, Germany-based company, which generated losses of 52.4 million euros, or $69.9 million, in 2005, said the result was due to nonrecurring items including costs linked to its initial public offering last year and its restructuring program.
Earnings before interest, taxes, depreciation and amortization adjusted to eliminate nonrecurring factors were up 26 percent, weighing in at 243.2 million euros, or $324.3 million. Sales spiked 7 percent year-on-year to 1.229 billion euros, or $1.64 billion.
Going forward, Symrise said in a statement it expects to ring up annual sales growth of 5 percent per annum in 2007 and 2008, while the adjusted EBITDA margin will increase from 19.8 percent in 2006 to "substantially more than 20 percent.
"It is our objective to achieve faster, primarily organic growth than the market," the firm said in the statement. It also said it is planning to make acquisitions.
In 2006, Symrise's Scent & Care Division saw sales jump by 6.5 percent to reach 647.4 million euros, or $863.3 million. EBITDA for the division rose 29.2 percent to 112.9 million euros, or $150.5 million. — B.C.
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye
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25-year-old @samweaving is about to break out this fall, starring in Netflix’s horror film “The Babysitter,” fittingly out today on Friday the 13th. That’s not the only place you’ll be seeing her, though — Weaving’s got a role Showtime’s “SMILF” and another alongside Frances McDormand and Woody Harrelson in “Three Billboards Outside Ebbing, Missouri.” Though she’s got a full plate at the moment, there’s one role she’s got her eye on: Marilyn Monroe. “I’m a little too young at the moment, but it’s on my bucket list,” the actress told WWD (📷: @dandoperalski) #wwdeye
BFF's Poppy Jamie and Suki Waterhouse celebrated the launch of their bag line Pop x Suki at Nordstrom last night. "The line is really about our friendship, and how we are so different but complement each other," said Waterhouse. 👯 (📷: Katie Jones) #wwdeye
After designing the new @louisvuitton and @bulgariofficial flagships and a @chanelofficial boutique opening in Japan, @petermarinoarchitect has another project on his plate: The Lobster Club. Located in the Seagram Building, it’s the famed architect’s first restaurant project in New York, serving up modern Japanese brasserie-style cuisine. Bronze hues, bespoke material detailing, blush and chartreuse tones and a heavy emphasis on Picasso can be seen throughout. Mark your calendars for Nov. 1 for the much-anticipated opening. (📷: @clint_spaulding) #wwdeye