Coty Inc. and OPI Products Inc. announced yesterday that Coty has entered into an agreement to acquire OPI. The acquisition will enhance Coty's color cosmetic portfolio, through the addition of over 200 fashion forward colors of OPI Nail Lacquer's chip-resisitent formula.
"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," says Bernd Beetz, CEO of 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."
"It's time for a new era at OPI, and together with Coty we can begin this new journey," says George Schaeffer, president and CEO of OPI Products Inc. "For almost 30 years, we have built a solid foundation of innovation and excellence. We are confident that by joining Coty, this legacy will continue and be strengthened."
Currently Coty Inc. has achieved a leadership position in fragrance and has quickly emerged as a global leader in beauty. Today it is considered a large fragrance company with sales of nearly $4 billion for the year (ending June 30, 2009).
For more information about Coty Inc. visit: www.coty.com
For more information about OPI Products Inc. visit: www.opi.com