Coty Withdraws Avon Bid
And they sound pretty pissed. Coty Inc. said Monday it has withdrawn its $10-billion takeover bid for Avon Products, Inc. In a letter to Avon’s board, which was made public, Coty chairman Bart Becht said his company is withdrawing its offer and moving on to pursue “other opportunities.”
Coty made its first approach to Avon in March and raised its bid last week. “We received encouragement from many of your shareholders, research analysts and others in the financial community. Despite this support, your total lack of engagement with us leads us to believe that you remain reluctant to explore a friendly, negotiated combination on a reasonable timetable. Two months is enough. Consequently, as our deadline to begin discussions expired today, our proposal is withdrawn,” Becht wrote.
So disregard our first post this morning. That was yesterday, this is today.
Bond No. 9 Goes Unisex for Gay Pride
New York-based perfumer Bond No. 9 names almost all of its scents after New York City people and places but for the first time, the perfumer is taking on New York’s support of same-sex marriage. The fragrance named its new scent I Love New York for Marriage Equality, and features a rainbow-colored heart and the date 7.24.11. This is the day that the Marriage Equality Act became legal for same sex couples.The scent has a combination of cinnamon, plum, ginger lily, and rose, perfect for everyone. Go figure.
Fairchild Snags Blogger Network
Fairchild Fashion Media has acquired Fashion Networks International, best known for NowManifest, a curated blog portal with 1.2 million unique visitors a month that showcases some of the biggest names in the fashion blogosphere. FFM is the parent of Women’s Wear Daily, Style.com, Style.com/Print, Footwear News, Men’sWeek, Menswear, WWD Collections, Accessory and WWD Summits.
Gina Sanders, president and chief executive officer of FFM, said, “We are thrilled to welcome Christian Remröd and Fashion Networks International to Fairchild Fashion Media. This acquisition furthers our mission to deliver an insider perspective to the global fashion community, while offering exciting new functionality and meaningful scale.”
– Taneisha Jordan
Source: WWD; Fashion Etc.
Photo: NY Mag
Tags: Avon, Bart Becht, Bond No. 9, Coty, Fairchild Fashion Media, Fashion Headlines, Fashion Network International, FFM, I Love New York for Marriage Equality, marriage, NowManifest, same-sex, withdrawn