Uniliver, the Anglo-Dutch consumer products company, yesterday confirmed the sale of its Elizabeth Arden perfume business for $225 million (€261.5 million) ending one of the more sorry sagas in its long history of acquisitions.

In 1989 Unilever paid $1.55 billion for the Faberge and Elizabeth Arden businesses as it attempted to move into higher value-added markets. But Elizabeth Arden languished under Unilever's ownership and has now been sold to FFI Fragrances, based in Miami, at a fraction of the original price.