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Article: MBO for Virgin Vie signals shift in focus.(INTERNATIONAL NEWS)
- Article from:
- Cosmetics International
- Article date:
- January 16, 2009
CopyrightCOPYRIGHT 2009 Communications International Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Virgin Vie has been bought out by its management team, led by founders Ros Simmons and Ratan Daryani.
Financial terms of the buyout were undisclosed, but the company's turnover in 2008 stood at approximately 40m [pounds sterling].
Daryani told Cosmetics International that the timing of the buyout was particularly fortuitous, given the current economic downturn.
"We see a real opportunity for companies like ours in tougher economic times as direct sales businesses tend to hold their own, or even grow, in these conditions," Daryani explained. "People are looking for alternative or additional sources of income and we're starting to see growth in ...