Coty completes P&G beauty acquisition | Progresiv

Coty has completed the acquisition of Procter & Gamble’s speciality beauty business, making it the third-largest beauty company in the world, with estimated revenues of 9 billion dollars.

The deal included P&G’s fine fragrance, colour cosmetics, salon professional, and hair colour and certain styling businesses. With the move, Coty is now also the world’s leading fragrance company, and the global number two and three in salon hair and colour cosmetics, respectively.

Camillo Pane became the new CEO of Coty, with Bart Becht remaining Chairman of Coty’s Board of Directors.

Coty will assume approximately 1.9 billion dollars of debt of the P&G Specialty Beauty Business. (www.kamcity.com)