KKR, a global investment firm acquiring 60% of Wella from Coty Inc., named Annie Young-Scrivner as the new Chief Executive Officer (CEO) of the Wella Company. The appointment will become effective upon close of the previously announced transaction.
After the transaction closes, the Wella Company will operate as a separate company with its own management team and operational structures. Wella will be comprised of the assets of Coty’s Professional and Retail Hair businesses, including the Wella Professional, Clairol, OPI, Nioxin and ghd brands, which are valued at $4.3 billion on a cash- and debt-free basis under the terms of the transaction. KKR will own 60% of the Company and Coty will own the remaining 40%.
“I am honored to join Wella at such a pivotal time in the brand’s history as it celebrates 140 years of partnering with beauty professionals and salon owners,” Young-Scrivner said. “I’ve long admired Wella’s iconic brands and breakthrough innovations, and I am looking forward to engaging with the team as we work to grow the portfolio of brands and increase the Company’s share of the $90 billion Hair and Nail beauty category.”
Current President of Coty’s Professional and Retail Hair businesses, Sylvie Moreau, will remain in her role until the transaction between KKR and Coty closes. “I would like to thank Sylvie for leaving behind a wonderful legacy, a remarkable team and a solid foundation from which we will grow,” said Young-Scrivner.
Moreau commented: "It’s been an amazing journey. I love this industry, its people, our brands and most of all, my teams around the globe. Stepping down is the most challenging decision of my career yet I believe my mission at Wella has been fulfilled. Having led Wella to independence again will be my legacy. I am very proud of what we have accomplished together, and I deeply thank the #wellafamily for rewarding me with their trust and support through these many years.
“It comforts me to leave this organization in great hands. Annie is a wonderful leader who believes in the power of people and who’ll bring a fresh point to the business and to the Leadership Team, as the Wella Company embarks on its next chapter."
Young-Scrivner joins Wella from GODIVA Chocolatier where she served as CEO for the last three years. The press release announcement says her tenure at GODIVA was marked by accelerating growth with expansion into new channels and categories to make the iconic brand more accessible to consumers, while honoring the brand’s heritage.
In addition to being the driving force behind GODIVA’s social impact efforts to empower women, Young-Scrivner also led the enhancement of GODIVA’s digital experience, making it a critical component to the brand’s ecosystem.
During her three-ecade career, Young-Scrivner has demonstrated exceptional strength in brand, digital, and talent development across different channels. Having worked in more than 30 countries around the world, she brings a deep understanding of global markets. Prior to GODIVA, she spent seven years in a number of senior positions at Starbucks Corporation where she helped elevate the brand and customer experience while fueling an innovation pipeline that led to double-digit growth.
Current President of Coty’s Professional and Retail Hair businesses, Sylvie Moreau
“We are thrilled that Annie will bring her tremendous passion for the consumer sector, her commitment to diverse and inclusive organizations, and her proven track record of building the value of consumer brands and businesses to the newly formed Wella Company,” said Tim Franks, Partner at KKR and Head of Consumer & Retail in its European Private Equity business.
As CEO, Ms. Young-Scrivner will report to Wella’s Board of Directors. The standalone Wella Company is expected to have an estimated 6,000 employees and remain a top global player in the professional beauty industry, serving over 250,000 hair and nail salons in over 100 countries and serving consumers globally through its iconic retail brands.
“Given Annie’s vast global experience in working with B2B and B2C businesses and her intuitive understanding of digital engagement in consumer-centric industries, we are confident she will help unlock the true potential of Wella’s portfolio,” said Nancy Ford, Managing Director at KKR in the Americas Private Equity business.
The transaction is expected to close by the end of the year.
Annie Young-Scrivner Biography
Young-Scrivner served as CEO of GODIVA Chocolatier since August 2017. Prior to joining GODIVA, she served in a variety of senior executive roles at Starbucks Corporation since 2009, including: Executive Vice President, Global Digital & Loyalty Development; President, Teavana & Executive Vice President of Global Tea; President of Starbucks Canada; and Global Chief Marketing Officer & President of Tazo Tea. Prior to her time at Starbucks, Ms. Young-Scrivner spent 19 years at PepsiCo, serving in senior leadership positions in sales, marketing and general management including: Chief Marketing Officer and Head of Sales for Quaker Foods and Snacks Division; Chairman and Region President of PepsiCo Foods Greater China; and Vice President and General Manager of PepsiCo’s Target team.
Young-Scrivner currently serves on the Board of Directors of Tiffany & Co., and YUM! Brands and previously served on the Board of Macy’s Inc. Ms. Young-Scrivner holds a B.A. from the Foster School of Business, University of Washington, and an Executive M.B.A. from the Carlson School of Business, University of Minnesota. She continued her executive education at IMD, Switzerland, Yale School of Management, Darden School of Management at University of Virginia.
About the Wella Company
The Wella Company* is one of the world’s leading beauty companies, comprised of a family of icons such as Wella Professionals, Clairol, OPI, Nioxin and ghd. With 6,000 employees globally, presence in over 100 countries, the Wella Company and its brands are on a mission to enable consumers to look and feel their true self through the power of positive change. The Wella Company is co-created and designed for the beauty junkies of today and tomorrow and remains committed to diversity & inclusion, sustainability, and a range of social causes. Further information about the Wella Company can be found here: www.wellacompany.com.
*The new company will only be operational under the Wella Company name and logo upon the deal’s closing.
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
Coty is one of the world’s largest beauty companies with an iconic portfolio of brands across fragrance, color cosmetics, hair color and styling, and skin and body care. Coty is the global leader in fragrance, a strong number two in professional hair color & styling, and number three in color cosmetics. Coty’s products are sold in over 150 countries around the world. Coty and its brands are committed to a range of social causes as well as seeking to minimize its impact on the environment. For additional information about Coty Inc., please visit www.coty.com.
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Originally posted on Modern Salon