Estee Lauder Forms JV in Greece

The Estee Lauder Companies Inc. announced today that it has entered into a joint venture with the Sarantis group of companies to distribute and market the brands of the Estee Lauder Companies in Greece, Romania and Bulgaria through a jointly owned new company, ELCA Cosmetics Limited. The Estee Lauder Companies, through an affiliate, will be the 51% majority shareholder of the new company.

Members of the Sarantis group of companies, an Athens-based producer and distributor of cosmetics and toiletries, have handled exclusive distribution of Estee Lauder Companies’ products in Greece since the early 1970s.

The joint venture will concentrate on building and expanding in the Greek, Romanian and Bulgarian domestic markets the distribution of the Estee Lauder Companies’ products, including the Estee Lauder, Clinique, Aramis and La Mer brands and the Tommy Hilfiger and Donna Karan fragrances. The M-A-C brand, recently launched in Greece, will be included as well. Mr. Gregory Sarantis will become managing director of the joint venture’s operating company and will report to the joint venture’s board of directors.

“We are excited about the joint venture we are forming with the Sarantis group of companies,” said Patrick Bousquet-Chavanne, group president, the Estee Lauder Companies. “We think there is a lot of potential to expand our business in Greece, Romania and Bulgaria and expect this new strategic alliance to help us realize that potential. We look forward to continuing our longstanding relationship with the Sarantis family.”