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Alticor Acquires Gurwitch Products
Posted: July 28, 2006Alticor Inc. announced its acquisition of Gurwitch Products—a luxury cosmetics and skin care company that develops, manufactures and markets cosmetics under the brand name Laura Mercier—from The Neiman Marcus Group.
Under the terms of the agreement, Gurwitch Products will operate as a stand-alone, wholly owned subsidiary of Alticor and maintain its current retail distribution channels through high-end department stores and online retailers. Through its ownership of Gurwitch Products, Alticor expects to enhance its insight into the luxury cosmetics marketplace and leverage combined product development capabilities to realize enhanced growth opportunities in Alticor’s direct sales premium beauty business. With the support of Alticor’s global infrastructure and resources, Gurwitch Products will continue to grow the Laura Mercier business and add to its strong luxury brand portfolio.
“This transaction represents an exciting new partnership in the luxury cosmetics marketplace,” said Steve Van Andel, chairman, Alticor. “Gurwitch Products has demonstrated a strong track record of leadership in developing a highly successful luxury cosmetic brand. We look forward to pooling their extensive knowledge of the worldwide industry with our global connectivity, manufacturing expertise and our companies’ integrated R&D capabilities to support the growth of both the Laura Mercier product line and our own skin care and cosmetic offerings.”