US cosmetics giant Coty is adding OPI Nail Lacquers and Nicole by OPI brands to its growing colour portfolio. The company has confirmed it has entered into an agreement to acquire the leader in professional nail salon products.
Following recent acquisition of 100% shares of Dr. Scheller Cosmetics from Russian group Kalina and the and commercialization of afull Calvin Klein makeup line in 2012, this latest operation will further enhance the group’s colour cosmetic portfolio.
"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," said Bernd Beetz, CEO, Coty Inc. "This acquisition will allow Coty to expand our presence in the nail care category via an important new channel of distribution: professional salons."
Financial terms of the transaction were not disclosed but The Wall Street Journal and other media mention a total amount of about 1 billion US dollars. The operation is also subject to customary regulatory approvals.
Last week, Coty also announced the acquisition of skincare specialist Philosophy.