Through the deal, Shiseido will sell BareMinerals, Laura Mercier and Buxom to AI Beauty Holdings for an undisclosed amount. WWD previously reported the businesses were up for sale, as Shiseido looks to hone its focus on other categories. Recently, Shiseido sold some of its personal care assets to CVC.
Advent, which also owns fast-growing hair business Olaplex, will seek to grow the makeup brands, which had struggled to find growth under Shiseido’s ownership. One of Advent’s operating partners, Janet Gurwitch, is the founder of Laura Mercier. Pascal Houdayer has been appointed chief executive officer for the new AI Beauty business.
Masahiko Uotani, president and CEO of Shiseido Group added, “While BareMinerals, Buxom and Laura Mercier have been a core part of our portfolio and have benefitted from Shiseido’s stewardship to date, we believe Advent is uniquely positioned to continue supporting all three brands alongside their talented teams moving forward.”
Horan I added that he’s confident in the company’s remaining brands, including Shiseido, Clé de Peau Beauté, NARS, Drunk Elephant and the fragrance brands. “We remain focused on making strategic investments across the portfolio and exploring other potential opportunities that fit into our premium skin beauty and global growth objectives,” he said.
For more from WWD.com, see: