Oriflame, as part of a previously announced strategic review of its assets in Russia, has chosen to divest its manufacturing entity within the country. The company has already signed a binding agreement with Arnest Management LLC (Arnest), who will acquire 100% of the shares in Cetes Cosmetics Russia.
Arnest is the largest manufacturer of perfume, cosmetic and household products sold in aerosol packages in Russia, and will maintain secure employment for those working in the factory, as well as provide an ongoing supply of products to clients, including those purchasing Oriflame products.
The transaction is expected to finalize in the second quarter of this year.