Dec 8, 2010
Coty adds popular chinese brands to its growing skin care portfolio
Dec 8, 2010
Coty Inc., a recognised leader in global beauty, and TJoy, a top Chinese skin care company, have announced that the two companies have entered into a share purchase agreement which calls for Coty to acquire a majority stake in TJoy Holdings. Coty and TJoy anticipate closing the share purchase in January 2011. Coty’s strategic investment extends its skin care business by providing it with a solid foothold in China through TJoy’s existing distribution channels, and also gives Coty a platform to expand its R&D capabilities.
Since its launch in 1995, the TJoy product line has established incredibly strong brand recognition in the Chinese market while maintaining a distinctive brand image that will be further strengthened with the new Coty involvement. According to Mr. Chuang Wen Yang, Chairman and Founder of TJoy, the combination of TJoy is a ‘win-win’ situation for everyone.
“The TJoy investment positions Coty as a major player in China, solidifying our position as a global beauty leader. TJoy and Pure Plant Extract are sublime additions to the Coty skincare portfolio, and only make our portfolio stronger,” said Bernd Beetz, CEO of Coty Inc.
The combined company will accelerate the growth of popular Coty products, including Adidas and Rimmel, as well as strengthen Coty’s innovative pipeline of products by furthering its presence in the Chinese market. Coty, which employs more than 8,500 people worldwide, ended its fiscal year 2010 with net sales of $3.6 billion, up 3% from 2009.
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