Article: Lustrasilk sale sets stage for comeback. (Gillette Co. sells Lustrasilk Co. ethnic hair care business to Allegheny Pharmacal Corp.)

Article from:
WWD
Article date:
July 22, 1994
Copyright

NEW YORK -- Gillette Co. made a deal this week agreeing to sell its Lustrasilk Co. ethnic hair care business to Alleghany Pharmacal Corp. of Great Neck, N.Y., a move that may signal a reversal of fortune for the lagging beauty brand.

The impending sale is expected to be completed Aug. 2. Terms have not been disclosed.

Industry sources speculate that Gillette decided to sell Lustrasilk because the Boston based consumer-products giant was not getting a satisfactory return on investment, although the hair care company has shown improvement. Gillette also felt that Lustrasilk is not one of its core businesses, according to sources. Gillette confirmed the ...

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