By Lucy Tandon Copp 3-Oct-2016
Landmark deal completes, catapulting Coty to the position of third-largest beauty company in the world
Coty reinvented: The cosmetics giant has also updated its logo
Coty has closed its impending deal with P&G and has successfully acquired 41 beauty brands under the Specialty Beauty Business banner.
As a result of the merger, Coty now boasts approximately $9bn in revenue and has become the third-largest beauty company in the world, behind L’Oréal and Estée Lauder.
Coty is now number one in fragrances, two in salon hair and three in colour cosmetics.
Camillo Pane has now officially taken on the role of CEO of Coty, which he called a “great privilege”.
He said: “Today marks a new chapter in Coty’s rich heritage. With this merger, we have brought together a powerful portfolio of much loved beauty brands and some of the world’s most talented people in beauty and consumer goods.”
Meanwhile, Bart Becht, Chairman of Coty’s Board of Directors, added: “I am confident that we now have a much improved team, structure and culture to make the vision of this merger a reality.”
Coty’s brands will be divided into Coty Consumer Beauty, with brands such as Bourjois, Clairol, Covergirl, Max Factor and Wella; Coty Luxury, comprising Hugo Boss, Calvin Klein, Alexander McQueen and Davidoff; and Coty Professional Beauty, which includes OPI, Clairol Professional, Wella Professionals and Nioxin.
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