Walgreens Boots Alliance to Keep Boots Brand

Walgreens Boots Alliance (WBA; Deerfield, Ill.) has announced that will be keeping its Boots business under its existing ownership, according to a company press release. It will also be retaining ownership of the No7 Beauty Company.

A review began in January to determine whether they would sell the Boots brand, one of the U.K.’s leading health and beauty retailers. The company says that since launching the process, the markets have taken an unexpected downturn, and thus no potential third-party buyer has made an offer “that adequately reflects the high potential value of Boots and No7 Beauty Company,” reads the press release.

Despite current challenges in the market, WBA says Boots and the No7 Beauty Company have exceeded its expectations.

“We have now completed a thorough review of Boots and No7 Beauty Company, with the outcome reflecting rapidly evolving and challenging financial market conditions beyond our control. It is an exciting time for these businesses, which are uniquely positioned to continue to capture future opportunities presented by the growing healthcare and beauty markets,” says WBA CEO Rosalind Brewer. “The board and I remain confident that Boots and No7 Beauty Company hold strong fundamental value, and longer term, we will stay open to all opportunities to maximize shareholder value for these businesses and across our company.”