Breaking News

Avon Shops Brazil

May 22, 2013

May grab stake in Jequiti.

Avon Products Inc. is reportedly in talks to buy a stake in Jequiti Cosméticos, a Brazilian direct sales cosmetics company, for about 500 million reals, or $246.3 million at current exchange, according to sources. The stake, however, would not give control of the Brazilian company to Avon, the sources said.

Coty Inc. and L’Oréal SA have also courted Jequiti since last year, when its controlling shareholder Silvio Santos, a Brazilian media mogul, hired Barclays plc to find a partner for his cosmetics company.

After dropping an attempt to take over Avon last year, Coty in September made an offer to buy Jequiti but wasn’t successful. At the time, Jequiti as a whole was valued at 500 million reals, according to the sources. Coty in January formed a partnership with Jequiti to distribute some of its fragrances in Brazil.

Santos has been selling stakes in some of his companies since 2010 to pay back a 2.5 billion real ($1.23 billion) bailout received from Brazil’s deposit insurance fund after the central bank found evidence of fraud at his bank, Banco Panamericano SA. He later sold the bank.
  • Erasa

    Erasa's New Evangelist(a)

    January 9, 2017
    Impressed by the performance of its hero SKU, supermodel Linda Evangelista joins the company in a hand's on role.

  • Discourse on Disclosure

    Discourse on Disclosure

    Tom Branna, Editorial Director||January 6, 2017
    Transparency impacts the cleaning industry.

  • The Top Stories of 2016

    The Top Stories of 2016

    December 26, 2016
    The companies and topics that grabbed headlines and your attention this year.

  • On the Edge

    On the Edge

    January 6, 2017
    Expanding beauty brands to watch in 2017

  • The World Comes to Orlando

    The World Comes to Orlando

    Tom Branna, Editorial Director||December 1, 2016
    More than 1,600 chemists traveled to Florida for the IFSCC Congress

  • The Plex Phenomenon

    The Plex Phenomenon

    Denise Costrini, Croda North America||December 1, 2016
    Croda details the hair-protecting qualities of bond multipliers and the company’s new bond-building formulation system.