– ALBERTO-CULVER TO SELL CEDERROTH: Alberto-Culver Co. has agreed to sell its Stockholm-based Cederroth International subsidiary to CapMan, a Nordic private equity firm. The deal, which calls for CapMan to purchase the outstanding capital stock of Cederroth International AB, is expected to close this summer. “Cederroth manufactures and markets a diversified group of consumer products in the Nordic region and parts of Europe with only a portion of their brands competing in beauty care categories,” stated Alberto-Culver. The company added that the sale would allow it to focus more closely on its core brands, such as TRESemmé, Nexxus, Alberto VO5 and St. Ives. Alberto-Culver acquired Cederroth in the early Nineties and the subsidiary had sales of $63.4 million in the second quarter ended March 31.
– GAP’S RUSSIAN INVASION: Gap Inc. said Tuesday it plans to bring its Gap and Banana Republic brands to Russia. The specialty retailer will expand its partnership with franchising company Fiba Holding A.S., which currently operates franchise stores for the brands in Turkey. Under the agreement, Fiba will open Gap and Banana Republic stores in Russia over the next five years. The first Gap stores are expected to open for the 2008 holiday season and the first Banana Republic stores should roll out for the 2009 holiday season. Russia will be the 17th country to operate Gap and Banana Republic franchise stores. Since the program began two years ago, more than 60 Gap and 20 Banana Republic franchise stores have opened.