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Coty buys stake in skin care firm
By Pan Xiaoyi |
December 7, 2010, Tuesday
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Print Edition
Print Edition
COTY Inc, the world's largest fragrance firm, continues on its investment spree by acquiring a majority stake in Chinese skin care maker TJoy Holdings as it seeks to raise its Chinese sales and to cement its status as a global beauty leader.
No financial details were available but the share purchase is expected to be completed in January. The purchase followed Coty's investment in nail-polish maker OPI Products and beauty company Philosophy last month.
Coty, which sells Calvin Klein and Adidas perfumes, aims to boost its Chinese business to 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 yesterday.
"The Tjoy investment positions Coty as a major player in China, solidifying our position as a global beauty leader," Beetz said.
Media reports said Tjoy's sales were worth 900 million yuan (US$134 million) last year and the firm is looking at more than 1 billion yuan in sales in 2010.
Coty seeks a foothold in China via Tjoy's extensive network in inland cities.
"We will seek every possibility to accelerate expansion in China," Beetz said. "We are open to acquisition and partnership opportunities."
Coty's China sales have risen 6 percent annually over the past 10 years.
No financial details were available but the share purchase is expected to be completed in January. The purchase followed Coty's investment in nail-polish maker OPI Products and beauty company Philosophy last month.
Coty, which sells Calvin Klein and Adidas perfumes, aims to boost its Chinese business to 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 yesterday.
"The Tjoy investment positions Coty as a major player in China, solidifying our position as a global beauty leader," Beetz said.
Media reports said Tjoy's sales were worth 900 million yuan (US$134 million) last year and the firm is looking at more than 1 billion yuan in sales in 2010.
Coty seeks a foothold in China via Tjoy's extensive network in inland cities.
"We will seek every possibility to accelerate expansion in China," Beetz said. "We are open to acquisition and partnership opportunities."
Coty's China sales have risen 6 percent annually over the past 10 years.
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