Avon has been forced to publicly quash rumors that it will be pulling its products from China's shelves after various beauty players experienced a challenging year in the volatile market.
Despite the major downward trend of global stock prices, Avon has had some good news as its share prices rose almost 5% upon news that a $62 million lawsuit is about to be settled.
Nu Skin share prices have continued to take a beating following the release of results on November 4th that showed a big drop in profits and a weaker outlook.
Nu Skin has confirmed that its sales operations in China have resumed with immediate effect and that it is now re-hiring sales staff, following a recruitment freeze in the country.
Direct sales player Nu Skin has seen its share prices rebound rapidly, with industry reaction overwhelmingly indicating that the fine meted out by the China authorities was on the lenient side.
The China government says it will fine Nu Skin in excess of $500k for ‘illegal sales’ and ‘misleading’ consumers and will also make moves to tighten regulations governing direct sales.
In the latest blow relating to its practices in China, beauty brand Nu Skin now faces a class action which seeks to recover damages for shareholders who have been hit by the on-going investigations into its alleged ‘illegal pyramid scheme’.
India has long been a target for many cosmetics and personal care players and it is no different for consumer goods firm Unilever ,which has further invested in its subsidiary in the region.
Risdon International has cut production but denies that it is considering bankruptcy and insists that the cosmetics packaging company is on route to financial recovery.
Sensient Technologies, provider of flavors and colors to the
food industry, has reported a 11.1 per cent rise in net income, and
publicly rebukes an industry analyst over erroneous comments he
made relating to the results.
BASF's hostile takeover bid for leading personal care supplier
Engelhard is looking more likely after it was acknowledged that the
Germany-based chemicals giant has been allowed to look at sections
of Engelhard's accounts.
Coletica has confirmed that Engelhard will acquire a majority stake
in the company, having just announced a strong set of financial
results for 2004, reports Simon Pitman.
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