Coty drives growth in Africa
Forms wholly owned subsidiary in South Africa to manage all South African business and business in 13 other African countries
Coty Inc. has created a wholly owned subsidiary in South Africa in order to direct, manage and fully operate all of its South African business and business in 13 other African countries as part of the company's ongoing strategy to increase its presence in key emerging markets.
Supporting this drive, Coty has also secured its long term partner Indigo Brands Proprietary Limited – a wholly owned subsidiary of AVI Ltd., which has served as the exclusive licensee of Coty's mass brands in South Africa – to exclusively manufacture, distribute and market Coty's value brands. This partnership is said to allow Coty to “closely manage its business, give it more financial freedom to promote Coty mass brands sales growth and enable the beauty giant to increase its footprint in the region”.
Michele Scannavini, CEO of Coty, said: “This enhanced operating agreement will allow us to drive growth in Africa. We have been very happy with our partnership with Indigo and look forward to working with AVI. Our 13 year history of successful collaboration is a positive sign of even better developments yet to come.”
AVI's CEO, Simon Crutchley, added: “AVI is pleased that its long term relationship with Coty has once again been extended. We are confident that the revised commercial terms between the parties will result in robust growth and innovation for the Coty brand portfolio both in South Africa and the broader African region.”
