Launch Advances Company’s Strategy to Rapidly Expand Its Consumables Business
MADISON, Wis.--(BUSINESS WIRE)--Sep. 26, 2012-- Spectrum Brands Holdings, Inc. (NYSE: SPB), a diversified and global consumer products company with market-leading brands, announced today that its Remington® personal care division has entered the U.S. women’s hair accessories market with a full line of basic-to-trend hair accessories, accessory storage items and brushes for both the adult and teenage girl segments.
Remington's full line of basic-to-trend women's hair accessories includes hair elastics that can also be worn as jewelry. (Photo: Business Wire)
Remington® already has secured sizeable placements at several major retailers in the U.S. women’s hair accessory category, a consumables market estimated at more than $1 billion annually. Remington® also is leveraging its strong global footprint in hair care, shaving and grooming to enter growing women’s hair accessories markets in Europe and Latin America.
“Our successful launch in the women’s hair accessory market is among a number of global categories Remington® is entering to advance our strategy of rapid organic growth in higher margin and faster growing consumables markets over the next several years,” said Dave Lumley, Chief Executive Officer of Spectrum Brands Holdings. “We are investing in resources to capitalize on this significant growth platform, leveraging our Spectrum Value Model approach of ‘same performance/less price’ to gain distribution in both stores and online, and working hard to help our retail partners grow their category shares.”
Extending the Remington® brand to the consumable hair accessory category further enhances Remington’s position as one-stop shopping for hair styling for all ages. According to Drew Fiorenza, Remington® Global Vice President, “Our hair accessory product development has a strong emphasis on executing fashion and trend and always with a focus on winning the value position. With our brand positioning of ‘How the World Gets Ready,’ we have a unique opportunity for cross promoting our hair accessories with complementary segments of our business, such as hair care appliances, and even with other adjacent beauty categories by co-merchandising in stores and offering in-pack trial samples or coupons for discounts with purchase.
“Our approach is to create a fun, engaging experience for the consumer, making the product the hero of the proposition and exciting the female consumer with the most trend-forward fabrications, colors and materials at a compelling consumer value,” he added. “For the female consumer, feeling confident and beautiful is a 360-degree experience, and Remington® is committed to making hair accessories an important part of that.”
As Remington® expands its global market position in women’s hair accessories, Fiorenza said, “Remington® is excited to be able to offer consumers and our retail partners a total hair care solution. We will continue our focus on innovation that matters to the consumer and on bringing exciting, fashion-forward items to this category at a value price position, which has proven to be a successful formula for Remington® and its retail partners worldwide.”
About Remington
Remington® is “How the World Gets Ready.” A global leader and manufacturer of men’s and women’s grooming and styling products, Remington® is an innovator of affordable hair care, electric shavers, wet shavers, wet shave products and body groomers and trimmers, and a subsidiary of Spectrum Brands Holdings. For more information about Remington®, visit www.remingtonproducts.com.
About Spectrum Brands Holdings, Inc.
Spectrum Brands Holdings, Inc., a member of the Russell 2000 Index, is a global and diversified consumer products company and a leading supplier of batteries, shaving and grooming products, personal care products, small household appliances, specialty pet supplies, lawn & garden and home pest control products, personal insect repellents and portable lighting. Helping to meet the needs of consumers worldwide, the Company offers a broad portfolio of market-leading, well-known and widely trusted brands including Rayovac®, Remington®, Varta®, George Foreman®, Black & Decker®, Toastmaster®, Farberware®, Tetra®, Marineland®, Nature’s Miracle®, Dingo®, 8-in-1®, FURminator®, Littermaid®, Spectracide®, Cutter®, Repel®, Hot Shot® and Black Flag®. Spectrum Brands Holdings' products are sold by the world's top 25 retailers and are available in more than one million stores in more than 120 countries. Spectrum Brands Holdings generated net sales of approximately $3.2 billion in fiscal 2011. For more information, visit www.spectrumbrands.com.
Forward-Looking Statements
Certain matters discussed in this news release and other oral and written statements by representatives of the Company regarding matters such as expected sales, adjusted EBITDA, other measures of financial performance, and the financial impact of the FURminator acquisition may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a number of risks and uncertainties that could cause results to differ materially from those anticipated as of the date of this release. Actual results may differ materially as a result of (1) Spectrum Brands Holdings' ability to manage and otherwise comply with its covenants with respect to its significant outstanding indebtedness, (2) the inability to integrate, and to realize synergies from, the combined businesses of Spectrum Brands and its acquired companies, including FURminator, Russell Hobbs and other acquisitions, (3) risks that changes and developments in external competitive market factors, such as introduction of new product features or technological developments, development of new competitors or competitive brands or competitive promotional activity or spending, (4) changes in consumer demand for the various types of products Spectrum Brands Holdings offers, (5) unfavorable developments in the global credit markets, (6) the impact of overall economic conditions on consumer spending, (7) fluctuations in commodities prices, the costs or availability of raw materials or terms and conditions available from suppliers, (8) changes in the general economic conditions in countries and regions where Spectrum Brands Holdings does business, such as stock market prices, interest rates, currency exchange rates, inflation and consumer spending, (9) Spectrum Brands Holdings' ability to successfully implement manufacturing, distribution and other cost efficiencies and to continue to benefit from its cost-cutting initiatives, (10) Spectrum Brands Holdings' ability to identify, develop and retain key employees, (11) unfavorable weather conditions and various other risks and uncertainties, including those discussed herein and those set forth in Spectrum Brands Holdings' and Spectrum Brands' securities filings, including the most recently filed Annual Report on Form 10-K for Spectrum Brands, Inc. or Quarterly Reports on Form 10-Q. Spectrum Brands Holdings also cautions the reader that its estimates of trends, market share, retail consumption of its products and reasons for changes in such consumption are based solely on limited data available to Spectrum Brands Holdings and management's reasonable assumptions about market conditions, and consequently may be inaccurate, or may not reflect significant segments of the retail market.
Spectrum Brands Holdings also cautions the reader that undue reliance should not be placed on any forward-looking statements, which speak only as of the date of this release. Spectrum Brands Holdings undertakes no duty or responsibility to update any of these forward-looking statements to reflect events or circumstances after the date of this report or to reflect actual outcomes.
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Source: Spectrum Brands Holdings, Inc.
Spectrum Brands Holdings, Inc.
Investor/Media Contact:
Dave Prichard, 608-278-6141