Coty buys Procter & Gamble's beauty brands for $12.5 billion

Global SourcesUpdated on 2023/12/01

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Coty acquires 43 of Procter & Gamble's prominent brands in a move that will transform the beauty product manufacturer into one of the world's largest cosmetic companies.

Procter & Gamble Co. accepted a $12.5 billion offer to merge 43 of its beauty brands with Coty Inc. This move will enable Coty to increase its sales more than two-fold, turning it into one of the largest cosmetics companies worldwide.

According to Coty's statement released on July 9, the transaction will be conducted as a Reverse Morris Trust. This means Procter & Gamble will spin or split off the business, which will then be merged with a Coty subsidiary. The setup reduces the taxes for the shareholders of the companies. The combined businesses have annual revenues exceeding $10 billion.

Coty will be adding under its wing Hugo Boss and Gucci for fragrances, CoverGirl and Max Factor for the cosmetics segment, and Clairol and Wella for hair color.

Procter & Gamble is reviving growth by divesting slower selling brands, including 100 product lines that are not central to their household and personal care divisions. Bloomberg reported in November 2014 that electric toothbrush brand Braun is another division that could be up for sale.

Last year, the Cincinnati-based company sold majority of its pet food brands Iams, Natura and Eukanuba to Mars Inc., the Duracell battery division to Berkshire Hathaway Inc., and parts of the Camay and Zest brands to Unilever.

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Coty buys Procter & Gamble's beauty brands for $12.5 billion

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