Coty Inc. said late Wednesday that it has agreed to buy StarAsia, a beauty products distributor serving Southeast Asian markets, from Isibane Pte. Ltd.
Coty said StarAsia the transaction is expected to close in July. It declined to disclose a price for the deal.
"The acquisition of StarAsia will provide us with an established distribution platform to sell our mass brands in key developing markets in the Southeast Asia region," said Michele Scannavini, Coty's chief executive. "We look forward to welcoming the StarAsia organization into the Coty family, and I am confident that the talented team there will fit in very well at Coty." RELATED STORY: Coty in Joint Venture in Brazil >>
Noe Saglio, chief executive of StarAsia, said the company has a strong track record of growth and a "leading regional platform" in Cambodia, Hong Kong, Indonesia, Malaysia, Singapore, Taiwan and Vietnam.
Coty said StarAsia's existing management team will stay on after the acquisition.
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