NEWS WORLD
THG firmly rejects Apollo Global’s
‘no merit’ takeover offer UK THG has terminated discussions with US buyout firm Apollo Global Management over its preliminary takeover proposal. The British retailer’s board rejected the offer based on an inadequate valuation of the company, and said there is “no longer any merit” in continuing to engage with Apollo. THG instead remains confident in its profitability in 2023 as an independent company, citing
its work to improve operating leverage and generate working capital efficiencies. This is backed by newly implemented options to improve shareholder value across its divisions. “The board remains fully confident in THG’s strategic direction and long term prospects as an independent company,” said Charles Allen, Chair of THG.
“As stated in our recent results, with a strong balance
Washington state signs Toxic-Free Cosmetics Act
US Washington state has signed the US’ strongest act regulating cosmetics and personal care into law. The Toxic-Free Cosmetics Act (HB 1047), signed by Governor Jay Inslee, bans more chemicals of concern than any other state or federal law.
These include per- and polyfluoroalkyl substances (PFAS), lead, phthalates and formaldehyde- releasing agents. The bans will take effect in 2025, except for formaldehyde releasers, which have a phased-in approach beginning 2026. In addition, the new act requires the assessment of chemicals that can impact vulnerable populations. It also creates incentives for ‘safer’ products for small businesses. “You shouldn’t have to be a toxicologist to shop for personal care products. When products are on the shelf, we assume they are safe to use, but this is not always the case,” said the act’s sponsor, Washington State Representative Sharlett Mena, of the signing.
6 June 2023
sheet and category leading positions within substantial global end markets that continue to benefit from long term structural growth, we have confidence in our ability to deliver long term value for shareholders and remain on track to be cash flow positive in 2024.” The Manchester-based company originally received the takeover proposal from Apollo in April.
Johnny Depp to remain the face of Dior Sauvage in new $20m deal
US Christian Dior has reportedly secured Johnny Depp to remain the face of its Sauvage men’s fragrance. The actor’s new three-year contract is alleged to be the biggest men’s fragrance pact in history, with sources pegging the deal at upwards of US$20m, reported Variety. The French luxury fashion house is doubling down on its relationship with the Pirates of the Caribbean star after he won his defamation trial last year. The actor
IN BRIEF
LIVE TRUE LONDON Live True London has partnered with UK-based charity FoodCycle to tackle food poverty and loneliness. The salon chain is donating £10 to FoodCycle for each £75 hair treatment from May 2023 onwards. These funds are being used to provide meals to people living with food poverty and those who are lonely in the community.
TARGET Target has recalled nearly 5 million Threshold Candles due to them “posing laceration and burn hazards”. The retail giant issued a recall of 4.9 million Threshold-branded candles on 18 May due to the jar being able to crack or break during use, according to a notice from the US Consumer Product Safety Commission (CPSC).
underwent a public civil lawsuit with ex-wife Amber Heard, who accused Depp of physical abuse and sexual assault.
Depp first became the face of Dior’s aromatic fougère fragrance in 2015.
IS BEYONCÉ ABOUT TO LAUNCH HER VERY OWN HAIR CARE LINE?
US Beyoncé has shared an Instagram post teasing the potential release of her own hair care range. The Grammy Award-winning singer shared a three-image carousel on the platform which hints that she could be launching a textured hair collection rooted in family and salon culture. The first image is of the ‘Single Ladies’ singer sitting in front of a mirror with a mane full of natural curls. Her dressing table is lined with what looks like an array of tester product bottles. The second image is of a younger Beyoncé with side-
swept cornrows, sitting in a hair salon chair. The third image is a statement, which said: “How many
of ya’ll knew my first job was sweeping hair in my mama’s salon?... Having learned so much on my hair journey, I have always dreamed of carrying on her legacy. I can not wait for you to experience what I have been creating.”
MARY KAY Mary Kay, the direct selling beauty brand, is honouring innovation in skin health research with a new grant programme. The company has teamed up with non-profit the European Society for Dermatological Research (ESDR) to reward two scientists, who will receive US$20,000 each towards their “groundbreaking” research into skin health and disease. Mary Kay and the ESDR hope the funds will support new perspectives and strategies to treat patients suffering from skin and venereal diseases.
NYX
NYX Professional Makeup has launched a campaign to bring awareness to LGBTQIA+ bullying in online gaming. The ‘Game Out Loud’ pride campaign aims to target hate by creating safe spaces both in the metaverse and in real life. Campaign imagery features five LGBTQIA+ talents, including cosplay and make-up artists Lilly Teel and Frederic Chen.
cosmeticsbusiness.com
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