PARIS — Coty Inc. said Monday that it has completed the merger of Procter & Gamble Co. Inc.’s Specialty Beauty Business into its own company.
The move of integrating P&G’s former fine fragrance, makeup, salon professional and hair color and certain styling business makes Coty the world’s third-largest beauty company, with about $9 billion in sales, it said in a statement. Coty also ranks first in fragrances, and second and third in the salon hair and makeup categories, respectively, according to the company.
As reported, following the merger’s completion, Camillo Pane has moved into the role of Coty’s new chief executive officer.
“Coty is now better positioned as we aim to become, over time, a global industry leader by being a clear challenger in beauty, delighting our customers and creating long-term shareholder value. I am confident that we now have a much improved team, structure and culture to make the vision of this merger a reality,” stated Bart Becht, chairman of Coty’s board of directors.
The company expects to achieve total cost savings of about $750 million, or 16 percent of acquired revenues on a constant-currency basis.
Coty is divided into three divisions: Coty Consumer Beauty involves makeup, retail hair coloring and styling products, body care and mass fragrances, with brands including Adidas, Bourjois, Clairol, Max Factor and Wella.
Coty Luxury is centered on prestige fragrances and skin care, with labels comprising Marc Jacobs, Calvin Klein, Chloé and Gucci, among others. While Coty Professional Beauty hinges on hair and nail care for salons and other professionals. It has in its brand stable the likes of Clairol Professional, Nioxin and OPI.
As reported, in July Coty revealed it had inked a definitive agreement to merge 43 of P&G’s beauty in a deal worth $12.5 billion. At that time, Coty was the 12th-largest beauty company in the world.