[ad_1]
Britain’s Haleon said it had agreed to sell lip balm brand ChapStick to a company owned by private equity firm Yellow Wood Partners for around $430 million in cash and a stake valued at around $80 million in the buyer.
Haleon CEO Brian McNamara said that while ChapStick was a great brand much loved by consumers around the world it was not a core focus for the company.
“Selling the brand allows us to simplify our business and pay down debt more quickly,” he said on Thursday.
ChapStick generated £112 million ($142.5 million) in revenue in 2023, said Haleon, the former consumer health division of drug developer GSK.
By Paul Sandle; editing by James Davey
Learn more:
Lip Gloss Is Beauty’s Secret to Sales and Sex
Recalling the appeal of Lip Smackers balms and Lancôme’s Juicy Tubes, skincare brands like Rhode, Summer Fridays and UBeauty have the lip category cornered.
[ad_2]
Source link
