PZ Cussons retains St Tropez after extensive auction process

In the United Kingdom, the owner of the self-tanning brand St Tropez, PZ Cussons, has announced its decision to keep the brand within its portfolio. This declaration came after more than a year of efforts to sell the brand, which began in April of the previous year when the company expressed its intention to find a buyer that could better realize St Tropez's long-term potential. The decision to explore sales was driven by declining market performance, particularly in the United States, where PZ Cussons reported a significant drop in sales. The company faced a challenging financial year, with demand for self-tanning products weakening, showcasing a notable double-digit decline in revenue. Subsequently, the Manchester-based group conducted an extensive auction process, during which it received several offers for the brand. After evaluating the proposals, the PZ Cussons board decided against sale, believing that an alternative approach could yield better value for shareholders. They emphasized a new strategic direction for St Tropez, indicating optimism about the brand's future prospects. To capitalize on St Tropez's potential, PZ Cussons plans to incentivize the leadership team to enhance its value and pursue collaborations with businesses in the United States. PZ Cussons' chief executive Jonathan Myers expressed confidence in the brand's trajectory as part of the company's portfolio, marking a significant shift in strategy aimed at revitalizing the St Tropez brand amidst ongoing market challenges.