Japanese beauty conglomerate Shiseido has finalised its divestment in bareMinerals, Buxom and Laura Mercier.
The cosmetics giant announced in August that it would be selling the three cosmetic brands as part of its long-term strategy, Win 2023 and Beyond, in which it would only support brands, categories and markets that support its competitive edge.
The trio of brands have been sold off to a newly formed company established by Advent, AI Beauty Holdings, the majority owner of Europe’s biggest beauty retailer Douglas.
The deal is said to be worth US$1.5bn.
Whispers that the business could be pondering a sale began in April this year, however, Shiseido would not comment on the speculation at the time.
Now, the team is strategising its investment in the wellness sector.
“Today’s announcement represents another step in our strategy to become a leading beauty wellness company,” said Ron Gee, Shiseido’s President and CEO.
“Shiseido remains focused on making strategic investments across the portfolio and exploring potential opportunities that fit into our premium skin beauty and global growth objectives.”
Last month, Shiseido stepped up its wellness offering with a new supplements brand INRYU.
The name gives a nod to the wellbeing sector with ‘IN’, which’ is said to stand for inner beauty and ‘RYU’ means flow.
Launching with three initial supplement skus, the Drunk Elephant owner is expected to roll out of the brand into Japan in the new year and to Chinese consumers in March.
Shiseido has also recently introduced a tree-inspired line, Baum; and an anti-ageing tool brand, Effectim.