Avon sells skincare brand Liz Earle in UK for £140m

Avon Products, an international manufacturer and direct selling company in beauty, household, and personal care categories, has sold its UK-based natural skincare brand Liz Earle to Walgreens Boots Alliance for £140m.

Liz Earle manufactures skincare, hair care, fragrance, make up, and men’s products. It offers skincare products, such as cleansers, toners, moisturizers, eye treatments, exfoliates, masks, facials, travel and try-me kits, books, and accessories; and body care, hands, feet, and sun care products.

Since its acquisition by Avon in March 2010, Liz Earle was managed as a standalone business from the core direct-selling business.

Last year, Liz Earle represented approximately 1% of the Avon’s consolidated revenue and adjusted operating profit, or approximately 3% of its revenues in Europe, Middle East & Africa.

The sale is expected to enhance the company’s capital structure to advance its strategic priorities.

Avon CEO Sheri McCoy said: "Avon remains committed to our strategic priorities, and we are focused on promoting our own skincare and broader beauty portfolio. It is important to ensure all areas of the business are well-positioned to deliver near-term contributions as well as long-term opportunity.

"This transaction allows Avon to realize immediate benefits while continuing to strengthen our balance sheet."

Avon offers color cosmetics, skincare, fragrance, and fashion products under Avon Color, ANEW, Avon Care, Skin-So-Soft, and Advance Techniques brands.