Coty, the global French company, has overtaken FMCG giant, P&G, in the OPI deal. Settling the much-talked about OPI acquisition speculation, Coty has announced that it going to buy the California-based salon-professional nail polish brand. Although the financials of the deal have been kept under wraps as of now, according to industry reports, Coty was believed to be asking upward of $1 billion.
Coty, which already controls roughly half of the retail nail market with its Sally Hansen and New York Color brands, has further strengthened it’s position in the nail lacquer market with this acquisition”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. 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,”, says Bernd Beetz, CEO, Coty Inc.
Posted on: 1.12.2010
Source: www.worldpressonline.com
