Coty acquires distributor StarAsia
StarAsia distributes beauty products in the markets of Southeast Asia including Hong Kong, Indonesia and Taiwan
Coty Inc has announced confirmation of its plans to acquire StarAsia, a distributor of beauty products in Southeast Asia including Cambodia, Hong Kong, Indonesia, Malaysia, Singapore, Taiwan and Vietnam.
The acquisition, which is expected to close in July 2013, will enable Coty to sell its mass brands in key developing markets in the region through its pre-established distribution platform. Following the acquisition, StarAsia’s existing management team will continue to contribute towards the development of Coty’s business in the region.
Michele Scannavini, CEO of Coty, said: “The acquisition of StarAsia will provide us with an established distribution platform to sell our mass brands in key developing markets in the Southeast Asia region. We look forward to welcoming the StarAsia organization into the Coty family and I am confident that the talented team there will fit in very well at Coty.”
Noe Saglio, CEO of StarAsia, added: “StarAsia has succeeded in building a leading regional platform, with operations in seven countries in Asia and a strong track record of growth. We are delighted to become part of the Coty family, having been a business partner for more than ten years. Our multicultural organisation combines international experience with local know-how and we look forward to building on our leading market position under Coty’s ownership.”