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Coty buys into China's T Joy for mainland growth
By Pan Xiaoyi |
December 6, 2010, Monday
|
Online Edition
Online Edition
COTY Inc, the world's largest fragrance firm, said today it has agreed to acquire a majority stake in Chinese skincare company T Joy Holdings to strengthen its Chinese business and expand distribution channels.
The share purchase is expected to be completed in January while no financial details are available. It came after Coty announced investment in Nail-Polish Maker OPI Products and beauty company Philosophy last month.
Coty, the seller of perfumes made by Calvin Klein and Adidas, aims to raise its Chinese business to account for 10 percent of its global sales from less than 5 percent at present, Bernd Beetz, chief executive officer of Coty Inc, told Shanghai Daily in an exclusive interview.
"The T Joy investment positions Coty as a major player in China, solidifying our position as a global beauty leader," said Beetz. "T Joy and Pure Plant Extract are sublime additions to the Coty skincare portfolio, and only make our portfolio stronger."
Media reports said T Joy achieved sales if 900 million yuan (US$134 million) last year and is expected to snare up more than 1 billion yuan in 2010. And its extensive distribution network to inland Chinese cities will help Coty to gain a solid foothold in China, analysts said.
"We will seek every possibility to accelerate expansion in China," Beetz said. "We are open to acquisition and partnership opportunities."
The share purchase is expected to be completed in January while no financial details are available. It came after Coty announced investment in Nail-Polish Maker OPI Products and beauty company Philosophy last month.
Coty, the seller of perfumes made by Calvin Klein and Adidas, aims to raise its Chinese business to account for 10 percent of its global sales from less than 5 percent at present, Bernd Beetz, chief executive officer of Coty Inc, told Shanghai Daily in an exclusive interview.
"The T Joy investment positions Coty as a major player in China, solidifying our position as a global beauty leader," said Beetz. "T Joy and Pure Plant Extract are sublime additions to the Coty skincare portfolio, and only make our portfolio stronger."
Media reports said T Joy achieved sales if 900 million yuan (US$134 million) last year and is expected to snare up more than 1 billion yuan in 2010. And its extensive distribution network to inland Chinese cities will help Coty to gain a solid foothold in China, analysts said.
"We will seek every possibility to accelerate expansion in China," Beetz said. "We are open to acquisition and partnership opportunities."
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