Online Beauty looks offline for growth

Beauty Direct says it has signed a terms sheet for the acquisition of CS Company, which respresents many major brands in both New Zealand and Australia.

It says CS Company has a proven track record and has demonstrated revenue and profitability growth over the last eight years, with revenue for 2001 forecasted to be more than $19 million. Earnings before tax and interest should be around $2.5 million.

Beauty Direct will issue 94 million of its shares to fund the purchase, together with a cash adjustment. The deal is subject to due diligence and shareholder approvale.

BDO's directors say the new group will continue to pursue opportunities to enhance the development of online retailing of beauty products, together with pursuing growth opportunities for the cosmetic,
toiletry and fragrances market.

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