NEWS WORLD
J&J subsidiary LTL Management files
for bankruptcy to resolve talc claims US Johnson & Johnson has made a move to resolve its legal woes, following widespread lawsuits accusing its talc products of causing ovarian cancer and mesothelioma due to the alleged presence of asbestos. It announced that its newly created and separate subsidiary, LTL Management, which was established to hold and manage claims in cosmetic talc litigation, has filed for voluntary Chapter 11 bankruptcy protection.
According to J&J, the filing is intended to resolve all claims related to cosmetic talc in a manner that is equitable to all parties.
J&J has been rumoured to be considering offloading talc liabilities into
bankruptcy since July this year, when a whistleblower leaked the news. “We are taking these actions to bring certainty to all parties involved in the cosmetic talc cases,” said Michael Ullmann, Executive
Shiseido applies for Tokyo’s Prime Market
JAPAN Shiseido is poised to make its move onto Tokyo’s Stock Exchange. The cosmetics company, which counts Drunk Elephant and NARS among its beauty portfolio, received confirmation that it could enter the stock market in July. A Board meeting held last month confirmed the company would continue its pursuit onto the prime market. The announcement comes amid a flurry of action among beauty brands venturing into the public financial sphere. Beauty owner and
e-commerce provider The Hut Group (THG) will separate its key trading division, THG Beauty, in order to publicly list the business on the stock market, while Jessica Alba’s Honest Beauty, hair and skin care brand Olaplex and Revolution Beauty have all expressed their interest in
registering IPOs this year. And beauty start-up Nykaa is also plotting an IPO listing on India’s stock exchange.
6 November 2021
Vice President, General Counsel of Johnson & Johnson.
J&J said that to
demonstrate its commitment to resolving the cosmetic talc cases and remove any financial objections to the process, it has agreed to provide funding to LTL for the payment of amounts the Bankruptcy Court determines are owed by LTL and will also establish a US$2bn trust for this purpose.
Inter Parfums takes over fragrance licences for DKNY powerhouses
US Fragrance manufacturer and distributor Inter Parfums has entered a long- term licensing agreement with G-III Apparel for its DKNY franchises. Under the agreement, effective 1 July 2022, Inter Parfums will take the exclusive licence of the fashion and beauty owner’s Donna Karan and DKNY brands, including its development and distribution. Its new portfolio will include
DKNY’s Be Delicious and Women scents, as well as Donna Karan’s Cashmere skus.
“The Donna Karan and DKNY brands, which draw from the energy and attitude of New York City, are powerhouses in fashion and fragrance,” said Inter Parfums’ CEO and Chairman Jean Madar.
“These global lifestyle brands will make excellent additions to our portfolio.”
THG’S MOULDING GIVES UP ‘GOLDEN SHARE’ AFTER SHARE PRICE FALL
UK Matthew Moulding, founder and CEO of The Hut Group (THG), is giving up his ‘golden share’ in the company. The announcement followed the British online retail and tech company’s 35% share price collapse in the wake of a poorly-received investor presentation. THG said the cancellation of Moulding’s controlling share would promote ‘good corporate governance’ and help it apply for a premium listing in London in 2022.
IN BRIEF
TFF The Fragrance Foundation (TFF) has launched an initiative to increase diversity and access to opportunities within what is widely acknowledged to be a Eurocentric industry. The #FragranceForwardTFF initiative aims to normalise diversity and encourage students to enter the field.
ARXADA Newly-formed ingredients provider LSI has announced a rebrand. Less than a year after Swiss chemicals giant Lonza sold its Speciality Ingredients business and operations to private equity firms Bain Capital and Cinven, the independent business has renamed itself Arxada. The name derives from arx and arcis, the Latin words for ‘citadel’ and ‘fortress’.
ALIEXPRESS AliExpress, the global retail marketplace, is setting its sights on international growth by boosting its cross-border capabilities. The business revealed it is partnering with Cainiao – owner Alibaba’s logistics arm – to offer set- day delivery guarantee on selected international orders.
MS BEAUTILAB MS BEAUTiLAB, a France- headquartered maker of beauty products for brands, has strengthened its position in the make-up category with the purchase of Gi Picco’s, the Italian contract manufacturer specialising in cosmetic powders.
MASTERCARD Mastercard has ventured into fragrance as part of its ‘multisensory’ marketing strategy. The two scents were developed by Firmenich and are called Priceless Passion, based on rose centifolia and rose absolute, and Priceless Optimism, a scent focused on vetiver, Sicilian orange, grapefruit, mandarin and rhubarb.
cosmeticsbusiness.com
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