November 14, 1987 |
Faberge Inc. remains confident that it can buy Elizabeth Arden, one of the world's largest makers of prestige cosmetics, despite industry rumors that the deal will become another victim of October's stock market crash. In August, Faberge, maker of Aqua Net hair spray, Brut cologne and other personal-care products for the mass market, said that it would buy the more exclusive Arden from Eli Lilly and Co. for $700 million.
February 11, 1989 |
Faberge Inc. said Friday that it has agreed to sell its beauty products and toiletries businesses--which include the Elizabeth Arden, Brut and Aqua Net lines--to international consumer products giant Unilever Group for $1.55 billion in cash. The deal is another in a long line of acquisitions in the cosmetics industry and one that would give Unilever, a British-Dutch company, a much greater presence in the United States.
August 6, 1987 |
Eli Lilly & Co., following other big drug companies that have recently decided to bail out of the sluggish cosmetics business, said Wednesday it will sell its Elizabeth Arden division to Faberge Inc. for about $700 million.
July 14, 1989 |
Consumer products giant Unilever Group on Thursday agreed to buy the personal care lines of Faberge--which include Elizabeth Arden, Brut and Aqua Net--for $1.55 billion. The agreement revives a similar deal between the companies that fell apart three months ago. The proposed acquisition also would be the latest in a string of beauty product purchases by Unilever, a British-Dutch company that makes everything from Lipton Tea to Wisk detergent.
CALIFORNIA | LOCAL
December 17, 1987
A Los Angeles dress manufacturer controlled by financier Meshulam Riklis moved Wednesday to freeze the bank accounts and personal effects of an employee accused of embezzling nearly $1 million. Superior Court Judge Jerry Fields granted the temporary restraining order requested by Jody Tootique--the apparel-making division of Faberge--and ordered all assets of Michael Stevenson frozen until the case can be sorted out.
January 31, 1988
Daniel J. Manella has been named chairman and chief executive of Elizabeth Arden Inc., New York. Manella replaces Vaughn Bryson of Eli Lilly. Faberge Inc. recently acquired Elizabeth Arden from Eli Lilly for about $700 million. Manella also will continue as chairman and CEO of Faberge Inc.