By IFAB MEDIA - NEWS BUREAU - May 1, 2023 | 27 2 minutes read
Oriflame has recently signed a binding agreement with Arnest Management LLC (Arnest), where Arnest will acquire 100 percent of the shares in Cetes Cosmetics Russia. The agreement is subject to certain conditions being fulfilled by the parties during the second quarter of 2023.
Arnest is a well-established supplier of high-quality cosmetics products with an international client base, and with whom Oriflame has had a strong partnership for over 11 years. Arnest is the largest manufacturer of perfume, cosmetic and household products in aerosol package in Russia. During this process it has been of importance to find a solution to secure a future for the employees as well as to secure ongoing supply to the Cetes Cosmetics clients in Russia (incl. Oriflame).
Oriflame expects that the transaction will be closed in the second quarter of 2023. The divestment of Cetes Cosmetics Russia and certain other assets is expected to lead to a realized accounting profit that will be detailed in the quarter 2 interim report.