Elizabeth Arden Inc has hired Goldman Sachs Group to explore a sale and reached out to a small group of potential buyers, according to people familiar with the matter.The U.S. cosmetics company decided to gauge buyer interest after its share price has come under pressure in the last 12 months amid weak sales in North America, the people said.Shares of Arden rose nearly 8 percent to $34.16 on the Nasdaq on Thursday, giving it a market value of more than $1 billion.The people asked not to be named because the matter is not public. Representatives for Elizabeth Arden did not respond to requests for comment, while Goldman Sachs declined to comment.
Elizabeth Arden, Inc. is a beauty products company with a range of portfolio of fragrance, skin care and cosmetics brands. Shares of RDEN traded higher by 9.05% or $2.88/share to $34.71. In the past year, the shares have traded as low as $23.45 and as high as $49.47. On average, 313353 shares of RDEN exchange hands on a given day and today's volume is recorded at 757243.
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