Coty recently announced that the Company will focus more intently on its fragrance, cosmetics and skin care businesses and is launching a process to explore strategic alternatives for its professional beauty business, including a divestiture.
Coty’s Professional Beauty business is globally #2 in the professional beauty industry with a unique brand portfolio across hair and nail color including brands such as Wella, Clairol, OPI and ghd. It’s the partner of choice of 250,000 hair & nail salons in over 100 countries. The division is operationally distinct, with its own management and stand–alone business structure.
“Over the past three years with Coty, we have managed to improve substantially our profitability, consolidate our business and position ourselves on strong foundations for further growth. I am proud of what we have accomplished and I am honored to continue to lead this business,” said Sylvie Moreau, President of Global Coty Professional Beauty.
“We will remain focused on serving our customers with excellence and look forward to taking our and their businesses to the next level,” said Sennen Pamich, President of Coty Professional Beauty North America.
Pamich noted that the announcement will not impact the continuity of the Professional Division’s work and the collaboration with its customers and partners. He added, “Coty Professional North America will remain committed to deliver the highest quality services and products for the hair and nail professional industry.”
Pierre Laubies, Chief Executive Officer of Coty, said, “The Professional Beauty teams have done an incredible job over the past three years in creating a strong business platform. This has put us in the favorable position we are in today, where new ownership will unlock significant value for Coty shareholders and help take the business to the next level of growth.”
For reprint and licensing requests for this article, Click here.
Originally posted on Modern Salon