PRESS RELEASE
Τhe final agreement for the formation of a Joint Venture company between Estee Lauder Europe Inc and Zeta Cosmetics Ltd, an affiliate of Gr. Sarantis S.A. group was signed in New York. The name of the new company is ELCA Cosmetics Limited.
Last October, the two companies had signed a letter of intend that was describing the basic points of this agreement. In the new joint entity, Estee Lauder will hold 51% and Sarantis 49%.
Mr. Gregory Sarantis will become Managing Director of the Joint Venture’s operations in Greece, Romania and Bulgaria, and will report to Joint Venture’s Board of Directors.
The objective of the Joint Venture Agreement is the growth of the Estee Lauder brands in Greece, Romania and Bulgaria. The Estee Lauder companies is the leading group in the world in luxury cosmetics and trades a line of famous brands such as : Estee Lauder, Clinique, Aramis, La Mer, Tommy Hilfiger, Donna Karan, Prescriptive, Origins, Mac, Bobbi Brown, Jane, Aveda, Jo Malone, Bumble and Bumble.
The Estee Lauder Companies Inc are present in 120 countries and its stock is listed in the New York Stock Exchange.
Contact
SARANTIS Group
26, Amaroussiou - Halandriou Street
151 25 Maroussi, Athens, Greece
Tel: +30 210 6173000
Fax: +30 210 6197081
e-mail: group-info@sarantisgroup.com
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