US cosmetics concern Estee Lauder has bought Edy Cosmetics’ activity, through an international holding company in which it is a partner. Edy Cosmetics is the Estee Lauder importer for Israel.
“Globes” has learned that US cosmetics concern Estee Lauder has bought Edy Cosmetics’ operations, through an international holding company in which it is a partner, thereby starting to operate in Israel directly for the first time.
Edy Cosmetics, which imports the Estee Lauder brand to Israel, is owned by the Kilchivsky family. Cosmetic sector sources believe the deal is worth $5 million. Edy Cosmetics will continue to operate without using the Estee Lauder franchise name.
In response to the report, Edy Cosmetics said that general manager Doron Kilchivsky decided to retire from his business of importing the Estee Lauder brand after 23 years.
Estee Lauder operates in more than 110 countries. It is owned by the Lauder family, headed by Ronald Lauder.
Edy Cosmetics ended 2000 with sales of $15 million, according to its financial reports. It hopes to reach sales of $45 million in 2003.
Published by Israel's Business Arena on 7 May, 2001