NEW YORK, Dec. 5, 2010 /PRNewswire/ -- Coty Inc., a recognized leader in global beauty, and TJoy, a top Chinese skin care company, today announced that the two companies have entered into a share purchase agreement which calls for Coty to acquire a majority stake in TJoy Holdings, Ltd, a Cayman Islands Company. Coty and TJoy anticipate closing the share purchase in January 2011. Coty's strategic investment extends its skin care business by providing it with a solid foothold in China through TJoy's existing distribution channels, and also gives Coty a platform to expand its R&D capabilities.
The addition of the TJoy and Pure Plant Extract brands further strengthens Coty's current skin care portfolio, which includes leading skin care brand Lancaster and philosophy, Inc. Since its launch in 1995, the TJoy product line has established incredibly strong brand recognition in the Chinese market while maintaining a distinctive brand image that will be further strengthened with the new Coty involvement.
"The TJoy investment positions Coty as a major player in China, solidifying our position as a global beauty leader. TJoy and Pure Plant Extract are sublime additions to the Coty skincare portfolio, and only make our portfolio stronger," said Bernd Beetz, CEO, Coty Inc. "We are excited by this investment in TJoy and look forward to welcoming the TJoy employees into the worldwide Coty family."
Mr. Chuang Wen Yang, Chairman and Founder of TJoy, said, "The combination of TJoy and Coty is an important milestone for TJoy and is a 'win-win' situation for everyone. I am very confident that our combined businesses will enjoy rapid growth through Coty's global reach and marketing expertise. And together, our brands will continue to achieve great things."
The combined company will accelerate the growth of popular Coty products, including adidas and Rimmel, as well as strengthen Coty's innovative pipeline of products by furthering its presence in the Chinese market.
Financial terms of the transaction were not disclosed.
Coty, which employs more than 8,500 people worldwide, ended its 2010 fiscal year with net sales of $3.6 billion, up 3 percent from the 2009 fiscal year.
About Coty Inc.
Coty was created in Paris in 1904 by Francois Coty who is credited with founding the modern fragrance industry.
Today, Coty Inc. is a recognized leader in global beauty with annual net sales of nearly $4 billion. Driven by an entrepreneurial spirit, passion, innovation and creativity, Coty Inc. has developed an unrivaled portfolio of notable brands and delivers its innovative products to consumers in 90 markets worldwide.
The Coty Prestige brand portfolio is distributed in prestige and ultra-prestige stores and includes Balenciaga, Bottega Veneta, Calvin Klein, Cerruti, Chloe, Chopard, Davidoff, Jennifer Lopez, Jil Sander, JOOP!, Karl Lagerfeld, Kenneth Cole, L.A.M.B. fragrance by Gwen Stefani, La Voce by Renee Fleming , Lancaster, Marc Jacobs, Nikos, Sarah Jessica Parker, Vera Wang, Vivienne Westwood and Wolfgang Joop.
The Coty Beauty brand portfolio is more widely distributed and includes adidas, ASTOR, Baby Phat, Beyonce Knowles, Celine Dion, Chupa Chups, David and Victoria Beckham, Esprit, Exclamation, Faith Hill, GUESS, Halle Berry, Jovan, Kate Moss, Kylie Minogue, La Cross, Lady Gaga, Miss Sporty, Nautica, N.Y.C. New York Color, Pierre Cardin(1) , Playboy, Rimmel, Sally Hansen, Stetson, Tim McGraw, and Tonino Lamborghini.
Coty and Puig Fashion and Beauty S.A. have a strategic partnership for the distribution of the perfume lines of Nina Ricci, Carolina Herrera, Prada, Paco Rabanne, and Antonio Banderas in the United States and Canada.
For additional information about Coty Inc., please visit www.coty.com.
(1) Not available in North America
TJoy was established in 1995 and headquartered in Suzhou, China. It has 4 manufacturing plants across China and owns a series of famous skin care brands include TJoy and Pure Plant Extract.
As one of the leading skin care brands in China, TJoy features a comprehensive product portfolio features whitening, cleanser, sun care, lotion and cream.
SOURCE Coty Inc.