Unilever is selling its Elizabeth Arden division to US perfume-maker FFI Fragrances for pounds 155m.
The Elizabeth Arden business, has been owned by Unilever since 1989.
It includes fragrance brands such as Fifth Avenue, Sunflowers and Red Door; the Elizabeth Arden cosmetics range; the Millennium and Ceramides skincare ranges; new brand Green Tea; and the licences to Elizabeth Taylor's White Diamonds and Passion fragrance brands, which are marketed to older women.
Unilever will retain some of Elizabeth Arden's designer perfume brands, including Cerruti, Karl Lagerfield, Chloe and Valentino, which will be moved to its new perfume division Unilever Cosmetics International, established in March this year. This group consists of the Calvin Klein division and a new unit called Unilever prestige.
The sale comes as Unilever looks to cull its number of brands from 1600 to 400 and boost sales growth to 5.8% to 2004. In February Unilever said that the Elizabeth Arden brands did not fit with its more fashionable cosmetics lines.