P&G to Weigh $1 Billion Sale of VS Sassoon’s China Business

Procter & Gamble Co. is weighing choices for the Chinese language operation of its hair-care model VS Sassoon, folks with information of the matter stated.

The buyer merchandise big has began gauging preliminary investor curiosity for the VS Sassoon enterprise on the earth’s second-largest economic system, in keeping with the folks. Choices into account embody a full or partial stake sale, they stated.

P&G is in search of a valuation of about $1 billion for the asset in any deal, the folks stated, asking to not be recognized discussing confidential data. Deliberations are ongoing and there’s no certainty they’ll lead to a transaction.

“We’re always our portfolio, each acquisitions and potential choices to create worth for our shareholders,” Chief Monetary Officer Andre Schulten stated in an interview, declining to touch upon particular offers.

On Wednesday, P&G stated the corporate’s first-quarter world cargo volumes have been weighed down by weak point and volatility in China.

“We’re working inside an market that’s nonetheless contracting post-Covid,” Schulten stated on an earnings name. “We don’t anticipate the China restoration to be fast.”

VS Sassoon was based by the late British stylist Vidal Sassoon, who gained recognition within the Nineteen Sixties after reducing the hair of actresses together with Mia Farrow and style icon Mary Quant. P&G acquired Sassoon’s hair-care model by way of its buy of Richardson-Vicks within the Eighties. Sassoon additionally offered his curiosity within the Vidal Sassoon salons and a line of blow driers, irons and different hair-styling gear.

By Dong Cao and Vinicy Chan

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