Advent Fund makes 1,5 billion euro offer to buy Douglas chain of beauty stores
American investment fund Advent has formally put forward a 1,5 billion euro buy-out offer for German beauty products chain Douglas, in agreement with the owner family. The offer has been made through local subsidiary Beauty Holding Three AG. In a press release, Advent confirmed the main shareholders are committed to the sale of their stakes, assuring that it offer guarantees 50,5% of the company. Advent also indicated that the main objective for Douglas is to increase profitability and market share for its beauty and fragrances business and, at the same time, restructure the other businesses - bookstores and jewellery.
Last year, Douglas reported a turnover of 3 billion euros, with over 2.000 stores, present in most European countries, being a direct competitor of Sephora (owned by giant LVMH) and Marionnaud (owned by Watson).