FragranceNet.com explores sale: source
By Lauren Hirsch
(Reuters) - Online personal care retailer FragranceNet.com Inc FGNT.PK is exploring a potential sale, according to a source familiar with the matter.
The company is working with financial advisor Lazard Middle Market (LAZ.N: Quote) on the sale, the source added, asking not to be identified because the sale process is confidential.
Lazard Middle Market declined to comment. FragranceNet.com could not be immediately reached for comment.
Deer Park, New York-based FragranceNet.com sells products that include fragrances, skin care and makeup online. The family-controlled company was founded in 1997 and has since sold over $1 billion in beauty products, according to its website.
E-commerce has proven a popular and growing platform for beauty and cosmetic companies seeking to take advantage of its reach. From 2012 to 2014, the percentage of consumers that bought skin care, personal care and fragrances online increased 36 percent, 17 percent and 27 percent, respectively, according to a report by consulting firm A.T. Kearney.
Website InternetRetailer first reported news of the sale process for FragranceNet.com.
(Reporting by Lauren Hirsch; Editing by Diane Craft)
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