Coty Inc acquires Unilever's prestige fragrance business
23 May '05
3 min read
world largest & most successful beauty company coty inc announced it has entered into a definitive agreement to purchase the global prestige fragrance business of unilever for $800 million.
unilever cosmetics international (uci) owns the perfume licenses for calvin klein, cerruti, vera wang, chloe and lagerfeld. upon closing of the transaction, coty will become one of the world`s leading fragrance companies.
`today`s acquisition represents an important further step in the transformation of coty that began in 2001,` said chief executive officer bernd beetz. `over the last several years, coty`s success with fashion, celebrity and lifestyle fragrances has enabled us to grow when most of our industry has been flat or shrinking. we are now entering a new phase in which we will greatly expand our presence in the market for prestige and ultra-prestige brands on a global basis.`
beetz added, `in addition to making coty a leading player in a highly fragmented industry, this acquisition will move us closer to our longer-term goal of being among the top five beauty companies in the world.`
in addition to the perfume licenses, coty will acquire a manufacturing and distribution center in mt. olive, new jersey and a distribution center in lille, france. as part of the agreement, coty may make further deferred payments to unilever contingent upon the future sales performance.
the new fragrances will become part of lancaster group worldwide, theprestige division of coty, which is led by michele scannavini, president, lancaster group worldwide. the acquisition advances the lancaster group`s strategy to increase sales in the united states, while giving coty an even greater presence in europe and a much stronger foothold in asia.
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