Procter & Gamble Co. is selling its Frederic Fekkai salon...

Procter & Gamble Co. is selling its Frederic Fekkai salon business for an undisclosed amount as it continues to divest smaller and underperforming brands.
Designer Parfums and LUXE Brands will buy the high-end line of hair products and salons, with the transaction to close June 30, the companies said in a statement Thursday.
Chief Executive Officer A.G. Lafley is exiting as many as 100 brands to focus on boosting sales of core items like Pantene shampoo and Olay moisturizer. He’s also working to cut costs as the world’s largest consumer-products maker copes with new competitors and a strong dollar that’s sapped overseas sales.


Designer Parfums is a U.K.-based scent developer, and LUXE Brands, founded last year, says it’s building a portfolio of global high-end beauty brands.
P&G purchased the Fekkai business in 2008. The sale was reported earlier by Women’s Wear Daily.
P&G, based in Cincinnati, fell 0.1 percent to $80.41 at the close in New York. The shares have declined 12 percent this year.