Coty plans sale of pro brands, including OPI
Cosmetics giant Coty has announced plans to sell its Professional Beauty division, which includes nail brand OPI, along with hair brands including Wella and ghd, by summer 2020.
The company said in a statement that profits resulting from a sale would be used to “sharpen its focus on fragrance, cosmetics and skin care businesses.”
Coty chief executive Pierre Laubies said: “The Professional Beauty teams have done an incredible job over the past three years in creating a strong business platform, putting us in the favourable position to find the best owner for that business while unlocking significant value for Coty shareholders and allowing us to further grow our core remaining businesses.”
Peter Harf, chairman of the board of Coty and founder and managing partner of JAB Holdings, said: “The strategic review of the Professional Beauty business aims at finding the best option to realize significant value for Coty and its shareholders. The Board is highly confident in Coty’s ability to leverage our unique portfolio of fragrance, cosmetics and skin care brands, and capture the growth of the beauty category.”
Coty has appointed Credit Suisse to assist with the strategic review of the Professional Beauty business and associated hair brands, as well as the company’s Brazilian operations and anticipates the process to be completed by summer 2020.
Coty purchased OPI from its American founders in 2010, later acquiring OPI's UK distributor Lena White Ltd in 2014.