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Securities and Exchange Commission
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 30, 1996
RENAISSANCE COSMETICS, INC.
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(Exact Name of Registrant as specified in its charter)
Delaware 33-87280 06-1396287
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(State or other juris- (Commission file (IRS Employer
diction of incorporation) number) Identification No.)
955 Massachusetts Avenue
Cambridge, Massachusetts 02139
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(Address of principal (Zip Code)
executive offices)
(617) 497-5584
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
On October 30, 1996 the Registrant issued the press release attached hereto as
Exhibit 99.1, which is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits.
99.1 Press release issued October 30, 1996 by the Registrant.
2
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
RENAISSANCE COSMETICS, INC.
(Registrant)
Date: November 5, 1996 /s/ John R. Jackson
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John R. Jackson
Vice President and General Counsel
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FOR IMMEDIATE RELEASE Contact: Michelle Corbin Hillman
Corbin & Associates, Ltd.
212-246-6515
RENAISSANCE COSMETICS TO ADD PROCTER & GAMBLE MASS MARKET FRAGRANCES TO ITS DANA
DIVISION COLLECTION
New York, New York -- October 30, 1996 -- Thomas V. Bonoma, Chairman and CEO of
Renaissance Cosmetics, Inc., announced today that RCI's Dana Perfumes Corp. has
agreed to purchase from Procter & Gamble the mass fragrance brands P&G announced
in June that it planned to divest. The transaction, which is subject to routine
financing and other closing conditions, is expected to close by the end of the
year.
With P & G's June announcement, industry experts quickly identified Renaissance
as a particularly capable and strategic candidate for the deal. Some of the
brands included in the divestiture have a strong presence in the United States
(notably, "NaVy" and "NaVy for Men"), while others are much stronger in
international markets (like "Insignia" and "Le Jardin"). Other brands that are
subject to the transaction include "Jaclyn Smith's California," "California for
Men," "Toujours Moi," "Incognito," "Mandate," "Rapport," and "Ensign." Not
included in this transaction are Old Spice, Henry M. Betrix and a few other
regional brands which P & G will continue to manage as part of broader product
lines. RCI had strong strategic interest in the acquisition possibility because
of its stated goal to have worldwide presence in the mass market fragrance and
cosmetics businesses, and to build a platform of strong brand presence
internationally in this period of industry consolidation.
"This is a terrific transaction for us," stated Bonoma. "Though we do intend to
continue our expansion into mass market color cosmetics, fragrances represent
the largest business segment at RCI. We have been delighted and gratified by the
superior performance of our existing brands in the current market. I would have
considered 1996 a good year for this division with its current performance and
the addition of the MEM Company brands ("English Leather," "British Sterling,"
"Love's" and "Heaven Sent"). The opportunity to add some classic brands with a
Procter & Gamble pedigree is a great news for us. I am particularly excited
about the international strength of some of these fragrances, since our
corporate goal is to increase our international business from approximately 20%
of our business (the current level) to approximately 40%.
"Given our strategy of reinvigorating and enhancing heritage world-wide
brands, we were naturally interested in this opportunity from the start",
continued Bonoma. "The thing that compelled us to pursue it, however, was the
reaction from our retail partners and the consumers, both of whom expressed
great loyalty to the brands and confidence in the treatment they would get
from RCI's market partnering skills. This is a very gratifying reaction,
particularly since our company just had its second birthday."
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This transaction is the latest in a series for RCI, which announced in the
summer that it had acquired the "Nat Robbins" eye and lip color lines from
Great American Cosmetics, Inc. Next, RCI announced that it had agreed to
acquire the male fragrance-focused business of MEM Company Inc., in a
transaction that was approved by MEM's shareholders on October 25, 1996.
Finally, RCI disclosed consummation of a successful bid for Wall Street
financing (raising $125 million) in late September. "It has been a busy
year," admitted Dr. Bonoma, "but this is how we think we should repay the
support we have received from the trade and our consumers during a period
that has been concerning for the industry. We have much left to accomplish,
and our next goal is to delight our customers and trade partners by our
brands' performance during the Christmas season."
