Global A Brands, Inc. (GAB), a multinational company that acquires and develops early stage luxury goods and lifestyle businesses, today announced it has acquired privately held Swiss holding company VIRDI UNIT SA, which houses proprietary luxury brands, including a skincare branded line of synthetic CBD-based products, Virisens.
The acquisition represents a strategic move to further strengthen GAB’s position as an emerging house of brands with a focus on consumer product offerings, which include cosmetics, wellness products, alcohol and gaming verticals.
The acquisition includes approximately $3.8 million of inventory and approximately $1 million cash equivalent, which will be consolidated into the GAB balance sheet.
“Virisens is a pioneer in synthetic CBD cosmetology and offers a full range of body and skincare products whose primary active ingredient is pure CBD complex and that is distinguished in part by avoiding the use of endocrine disrupting chemicals (EDC) while relying on vegan and clinically tested ingredients,” commented Manny A. Lopez, CEO of Global A Brands.
“The brand represents the movement into clean beauty using the benefits of CBD cosmetology for its powerful anti-aging and antioxidant properties. We are excited to bring Virisens to the U.S marketplace as we expand our geographic footprint through safe and clean beauty products. The Virisens acquisition and its thoroughly researched cosmetic line further demonstrate our focus on organic and clean beauty, which is a thriving and growing market.
“We are actively engaged in discussions with U.S retailers to showcase Virisens products,” he added, “as well as to work on re-launching our ecommerce marketing portal to sell direct-to-consumer. We envision this product line, with its huge opportunity for geographic expansion, to provide strong prospects to accelerate our branding and earnings power.”
SOURCE: GLOBE NEWSWIRE