Procter & Gamble co. Procter & Gamble co. Latest from The Business Journals Follow this company signed a partnership deal with a cosmetic technology company for joint development of a light-based hair removal device, according to The Telegraph.
P&G (NYSE: PG) and CyDen agreed to a five-year deal that will allow Cincinnati-based P&G to sell CyDen’s personal hair removal device around the world. neither side disclosed the amount of the deal, according to the report. P&G said the estimate given in the Telegraph report was not accurate, but would not disclose the correct amount. P&G is the parent of well-known consumer brands like Gillette, Tide, Downy and Crest.
The device will use CyDen’s iPulse intense pulsed light technology, using light to remove unwanted body hair permanently. The device will be marketed mainly to women for use on legs and other parts of the body, but it can be used by men, as well.
CyDen has marketed a similar device through high-end retailer Boots, but the Telegraph report says it is believed that deal will end after the P&G agreement.
The deal also has led to a change in ownership of CyDen. Unilever Ventures, the venture capital arm of the P&G rival consumer products group, in the process of selling its stake to investor Richard Koch. His stake will be between 30 percent and 40 percent, according to the report.
CyDen is a British beauty and health company pioneering light treatments for use at home. The company is based in Swansea, Wales, about three hours west of London.