Procter & Gamble is reportedly selling Wella, the professional hair care division it purchased in 2003 for $7 billion. Reuters’ reported this weekend that P&G, which is streamlining its business and recently sold Duracell to Warren Buffett, had retained Goldman Sachs to help sell the business, or a portion of it.
The sale would explain the recent scramble of key Wella executives to other firms. In October Wella’s President left to become co-CEO of luxury eyewear group, Luxottica.
Wella was purchased in 2003 by Procter & Gamble in a bid to become a global leader in professional hair care and hair color. Included in the Wella portfolio are Nioxin, Clairol Professional, Sassoon Professional and Sebastian. Many efforts have been made to bring Wella more to the forefront for the U.S. consumer, including a 2011 retail line complete with TV spots.