Coty Inc. Acquires OPI Products Inc.
OPI is just one company in a string of companies Coty has purchased in the last few weeks. The beauty giant has acquired skin care brand Philosophy and Dr. Scheller Cosmetics from Russian company Kalina.
Renato Semerari, president of Coty Beauty told WWD that OPI, which is already in 70 markets "has the potential to have a very strong global brand." He also said the salon channel would remain "the backbone of the brand."
The deal was funded by the company's cash, input from its investors and debt. And more could be on the way in a few days. "There might be something else to come," Semerari said, hinting a deal with a regional focus.
"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," said Bernd Beetz, chief executive officer of Coty in a statement.
"Our management team will continue on with the company and OPI's business strategy will remain focused on the salon professional," said George Schaeffer, president and CEO of OPI, which was founded in 1981 and made a name for itself selling nail polishes with catchy names.
OPI strongly denied that it was for sale in August when WWD first reported on the auction by investment bank Lazard. The deal is still subject to all regulatory approvals.
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