German consumer goods group Henkel has closed the sale of Right Guard and Dry Idea brands, which it described as 'non-core', to Thriving Brands LLC for an undisclosed amount.
The transaction includes trademark rights and access to product formulations, Henkel added.
The transaction, effective 1 June 2021, is another milestone in the company's ambition to actively shape its portfolio – an important pillar of its Purposeful Growth agenda.
Last year, Henkel said it had identified brands and categories with a total sales volume of more than €1 billion, mainly in its consumer units, of which around 50% were marked to be divested or discontinued by 2021.
The company identified both Right Guard and Dry Idea as non-core activities within the Henkel Beauty Care portfolio.
'A Winning Portfolio'
Henkel CEO, Carsten Knobel, said, "Shaping a winning portfolio is a key element of our strategic agenda for purposeful growth. Our active portfolio management is an important driver in making our business successful for the future to win the 20s.
"This includes high-impact acquisitions, which are an integral part of our strategy, as well as divestments and discontinuations. The divestment will allow us to focus on and better support our core brands and categories within our Beauty Care business unit."
Right Guard is a men's grooming brand offering antiperspirants and shower gels and mainly focuses on the US and UK markets.
Dry Idea is a North American antiperspirant brand for women.