Coty extends acquisition run to China
Invests in Chinese cosmetics skin care company TJoy
Continuing its recent run of high-profile acquisitions, Coty Inc has entered into a share purchase agreement with Chinese skin care company TJoy, which calls for Coty to acquire a majority stake in TJoy Holdings Inc, a Cayman Islands Company.
According to Coty the transaction forms part of its investment in China, providing the company with a solid foothold in the region via TJoy’s existing distribution channels and giving Coty a platform to expand its R&D capabilities.
The addition of the TJoy and Pure Plant Extract brands – also owned by TJoy Holdings – strengthens Coty’s current skin care portfolio, which now includes Lancaster and philosophy.
“The TJoy investment positions Coty as a major player in China, solidifying our position as a global beauty leader,” states Coty ceo Bernd Beetz. “TJoy and Pure Plant Extract are sublime additions to the Coty skin care portfolio and only make our portfolio stronger.”
“The combination of TJoy and Coty is an important milestone for TJoy and is a win-win situation for everyone,” adds Chuang Wen Yang, chairman and founder of TJoy. “I’m very confident that our combined businesses will enjoy rapid growth through Coty’s global reach and marketing expertise.”