According to Reuters Elizabeth Arden Inc. has hung a “For Sale” sign from it’s trademark red door. The American cosmetics company has hired Goldman Sachs to explore the possibility of a sale and has already approached some potential buyers to gauge their interest. Elizabeth Arden has had added pressure in the last year due to weaker sales in North America. Elizabeth Arden saw it’s North American sales plummet fell 13% last quarter and the company is also experiencing poor demand in Europe. Yet, shares of Arden jumped nearly 8% yesterday giving the company a market value of over $1 billion.
Both Elizabeth Arden and Goldman Sachs have declined to comment…for now.
See our review of Elizabeth Arden’s new Limited Edition Summer Escape Collection here.