Dutch distributor B&S Group acquires majority stake in FrangranceNet.com
Dutch distributor B&S Group announced that it has reached an agreement on the acquisition of a majority stake in the US leading online discount retailer FragranceNet.com.
The agreement between the two parties consists of a 75% stake in FragranceNet.com, Inc through JTG, a subsidiary of the HTG business segment of B&S Group.
B&S Group said that FragranceNet.com’s proprietary technology will enable the group to strengthen its sourcing network, buying power and assortment in its health and beauty category. In addition, the acquisition will allow B&S Group to generate a substantial footprint in the North American market for its health and beauty category and to further roll out FragranceNet.com’s business model to other geographical areas.
Bert Meulman, CEO at B&S Group, said in a press release: “I am very pleased to be welcoming FragranceNet.com’s 250 employees and their strong management to the Group. As FragranceNet.com has been a long-standing business partner of ours, we are very familiar with both its business model and its management. This, together with our experience in gradually embedding an acquired business into our organisation, makes me confident that together we will continue to deliver the highest value to our clients and all other stakeholders.”
Jason Apfel, CEO at FragranceNet.com, added: “FragranceNet.com has become leading in the industry in the US. Working with a very diversified supplier base provides us the opportunity to offer a wide assortment to our continuously growing customer base. B&S Group provides the opportunity of expanding our business model by utilising the scale and sophisticated distribution structure of the Group.”
The acquisition has to be approved by the US regulator and the transaction is likely to be completed in the fourth quarter of 2018. B&S Group said that sales at FragranceNet.com are historically the highest during the fourth quarter.
B&S Group is a global distribution partner for consumer goods. The company is active in the health & beauty, liquors, food & beverages and electronics markets in over 100 countries. The group employs 1,460 people and reached a turnover of €1.5 billion in 2017.
FragranceNet.com launched in 1997. The online retailer has shipped over 20 million products and sold over $1 billion in beauty products. FragranceNet.com carries 17,000 products ranging from brand name fragrances, skincare and makeup to hair care products, aromatherapy products and candles.
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