Zara Parent Company Sells Russian Stores

6 Apr

PARIS — The Russian government has approved Zara parent company Inditex’s bid to sell its business to UAE-based Daher Group. Inditex shuttered its 514 stores within the country in February 2022, following the Russian invasion of Ukraine. The corporate announced its intent to transfer 245 stores to Daher Group last October, pending the approval of the country’s commission on foreign investments. Businesses from Western countries Russia deems “unfriendly” must receive the approval of the commission to sell their operations there. Daher created Fashion and More Management DMCC was created for the transaction. UAE is deemed a “friendly country,” which was key to the deal. The deal was approved by the commission March 30, and announced Wednesday by Russia’s deputy minister of industry and...

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6 Apr

This Beauty Company Made a Sustainable Alternative to Petroleum

by Beautifaire101

Beauty, Featured

This Beauty Company Made a Sustainable Alternative to Petroleum

Upwell Cosmetics has industry-sized aspirations for its latest microalgae-derived wax base. Formulated as a sustainable alternative to petroleum-based and animal-derived waxes, the wax has the flexibility to be utilized in myriad beauty and private care products including sunscreen, shampoo, conditioner, body lotion, lip products and more. The important thing ingredient is microalgae isochrysis, which scientists at Woods Hole Oceanographic Institute discovered synthesizes a compound called alkenones, which creates a wax-like consistency when extracted. Upwell cofounders Daniella Zakon and Alexandra Dowling Lari — who occur to be Woods Hole, Massachusetts, natives themselves — licensed the ingredient patent from the Institute, and at the moment are focused on scaling production enough for the wax to be a viable alternative to existing prevalent wax...

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5 Apr

Revlon to Exit Bankruptcy as a Private Company –

by Beauty Tips

Fashion, Featured

Revlon to Exit Bankruptcy as a Private Company –

Revlon is about to emerge from bankruptcy later this month as a non-public company and without Ronald Perelman at its helm, now that a federal judge has approved its plan. The business had been traded on the Latest York Stock Exchange since 1996, when owner MacAndrews & Forbes took it public. But through Revlon’s newly approved bankruptcy plan, ownership stakes will likely be handed to secured lenders, while existing shareholders, including MacAndrews chairman Perelman, who controlled around 85 percent of the corporate as of earlier this yr, will likely be left with nothing. Through the plan, the troubled 90-year-old Latest York-based beauty company that owns the namesake Revlon, Elizabeth Arden and Almay brands will eliminate greater than $2.7 billion in debt...

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4 Apr

Chinese Company Buys Cerruti 1881 and Kent & Curwen

by Beauty Tips

Fashion, Featured

Chinese Company Buys Cerruti 1881 and Kent & Curwen

LONDON – Guangzhou-based fashion company Biem.L.Fdlkk Garment has purchased the worldwide trademark rights of Cerruti 1881 and Kent & Curwen, two brands whose owners have included Trinity Ltd. and Shandong Ruyi. The Chinese firm said it paid the equivalent of $62.18 million for the worldwide trademark rights of Cerruti 1881, and $41.45 million for the worldwide trademark of Kent & Curwen. The 2 brands were once owned by Trinity Ltd., as was Gieves & Hawkes, which was sold to Frasers Group last November. Trinity Ltd. was sold in 2017 by its owner, the Hong Kong-based sourcing giant Fung Group, to the now debt-laden Chinese fashion manufacturing giant Shandong Ruyi Technology Group. As reported, Cerruti 1881 fell victim to cuts because the Chinese owners struggled to...

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