CARLE PLACE, NY — 1-800-FLOWERS.COM, which delivers flowers and gourmet food for special occasions, has closed the sale of Fannie May Confections Brands and Harry London Candies, Inc. to Ferrero International S.A. for $115 million in cash. Ferrero is one of the world’s largest chocolate companies.
In addition to the sale, the Company and Ferrero have entered into a strategic commercial partnership that provides 1-800-FLOWERS.COM, Inc. with distribution rights for Fannie May, Harry London and certain Ferrero confectionery products in its e-commerce channels as well as in gift baskets sold into the club, food, drug and mass channels in the US.
Chris McCann, CEO of 1-800-FLOWERS.COM, Inc. said, “The sale of Fannie May further strengthens our balance sheet while concurrently reducing the working capital requirements in our business model. Importantly, the strategic commercial agreement we have signed with Ferrero will enable us to continue offering the iconic Fannie May and Harry London chocolate brands across our ecommerce and wholesale gift basket channels while also adding some of Ferrero’s world-renowned chocolate confectionery brands, including Nutella, Ferrero Rocher and Raffaello, to our product offering. We are excited to be working with Ferrero International, one of the world’s largest and most respected confectionery companies, and the Fannie May team, to further enhance our ability to deliver smiles for our customers.”