The majority shareholder of cosmetics and fragrance marketer Fusion Brands Inc. and Fusion Brands International, Eugene Melnyk, has acquired the company, buying out founder Randi Shinder’s minority stake in the firm for an undisclosed sum.
This story first appeared in the May 15, 2009 issue of WWD. Subscribe Today.
The company said last week Shinder has decided to retire from the firm.
“After eight memorable years as founder and ceo of Fusion Brands Inc., I have decided to sell my remaining equity and take a well-deserved break to spend more time with my family,” said Shinder. “This was a deeply personal decision that took months of contemplation. One of the hardest aspects of my decision was knowing I will be leaving a great team at Fusion Brands, as well as so many supportive industry colleagues that have been integral to my success.”
Melnyk acquired a 55 percent interest in Fusion Brands Inc. and Fusion Brands International in August 2006. The acquisition of Shinder’s share of the firm makes Melnyk the sole owner of Fusion Brands Inc. and Fusion Brands International, the company noted.
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Fusion Brands researches, develops and manufactures Fusion Beauty cosmetics and Clean fragrances. It also handles sales and marketing of the brands.
The firm said it is in the process of appointing a new chief executive officer and expects to make an “imminent” announcement on Shinder’s successor.
Said Melnyk, “Randi is an exceptional entrepreneur who took Fusion Brands from a concept and in less than a decade transformed it into an industry leader.”