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Unilever plc (NYSE:UL) has reportedly roped in investment banks Morgan Stanley (NYSE:MS) and Evercore Inc (NYSE:EVR) to sell some of its non-core beauty and personal care brands.
The brands under consideration also include Q-Tips and Impulse, which the company had previously considered for dilution two years ago, according to a report from Reuters.
The report noted the sale revival is the first major move by Hein Schumacher, after taking over as the Chief Executive Officer in July, in order to streamline the business from inflation.
The brand portfolio, known as Elida Beauty, includes Caress, TIGI, Timotei, Monsavon, St. Ives, Zwitsal, Ponds, Brut, Moussel, Alberto Balsam and Matey.
Elida posted about $760 million in revenue in 2022. After a failed sale attempt in 2021, Unilever worked to make Elida an autonomous unit in order to make it an appealing bet for private equity firms, the report added.
The soaring inflation for about two years has prompted Unilever to consider selling its non-core assets to raise cash.
Unilever reported a 9.1% sales growth in the first half of FY23, with a 9.4% price increase.
Price Action: UL shares closed higher by 0.36% at $50.67 on Wednesday.
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