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Coty CEO Bernd Beetz: “This acquisition will allow Coty to expand our presence in the nail care category via an important new channel of distribution: professional salons.” |
US. Coty Inc has entered into an agreement to acquire leading nail polish brand OPI Products – a move that will further enhance its colour cosmetics portfolio.
“We view the acquisition of OPI as complementary to Coty and a natural extension of our strategy to offer a unique portfolio of brands that produce some of the best known consumer products around the world,” commented Coty CEO Bernd Beetz.
“OPI is both dynamic and high quality and has earned its place as a leading provider to professional nail care salons. This acquisition will allow Coty to expand our presence in the nail care category via an important new channel of distribution: professional salons, and importantly will offer an even greater selection of products and choice to consumers.”
“We are very excited about having OPI join the Coty family,” added Coty Beauty President Renato Semerari. “OPI has gained a place in consumers’ minds in the US and internationally. It is one of the fashion brands in nail colour for salons and that is a unique position to be in. OPI’s success is the result of a very focused and high quality effort by the OPI team over the past decades. We are very excited to join forces with such a talented team to strengthen OPI even further in the future.”
“It’s time for a new era at OPI, and together with Coty we can begin this new journey,” said OPI Products President and CEO George Schaeffer. “For almost 30 years we have built a solid foundation of innovation and excellence. We are confident that, by joining Coty, this legacy will continue and be strengthened. We are all excited about the next phase of opportunity for OPI. Our management team will continue with the company, and OPI’s business strategy will remain focused on the salon professional.”
“OPI has a reputation for creating fashion-forward products that make women feel beautiful and Coty is a well-established trend setter in the beauty industry,” said OPI Products, Inc Executive VP & Artistic Director Suzi Weiss-Fischmann. “Together we will continue to push the envelope in beauty, colour and trends.”
Financial terms of the transaction were not disclosed. The deal is also subject to customary regulatory approvals.
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