BREAKING NEWS! Coty to Acquire Wella Professionals and Other P&G Pro Brands
Looks like the Wella Professionals family of salon brands—including Clairol, Sebastian Professional and Nioxin—will soon have a new home. Wella’s former parent company—P&G—announces the signing of a definitive agreement to merge 43 of its beauty brands with Coty Inc. According to an official P&G statement, P&G has accepted Coty’s offer of $12.5 billion to merge the 43 P&G beauty brands with Coty. The transaction will take the form of a Reverse Morris Trust, and in addition to P&G’s global salon professional hair care and color, will include the retail hair color, cosmetics and fine fragrance businesses, along with select hair styling brands.
“We’re looking forward to our future with Coty, and we remain firmly focused on supporting our salon partners consistently and with the continued excellence that they have come to expect from us,” comments Sal Mauceri, CEO, Wella North America. “Over the past years, Wella has been going from strength to strength, and we have great plans to continue to delight our salons. We will continue to build on our portfolio with several exciting product and service innovations, supported by our world-class sales and education team.”
P&G Chairman, President and Chief Executive Officer A.G. Lafley adds, “Coty will provide an excellent new home for the businesses and brands we are merging today, as well as for the talented people who are operating them.”
Comments Sylvie Moreau, Global Executive Vice-President of Wella, “As two iconic houses strongly anchored in their beauty heritage, Coty and Wella are a perfect fit. We are both driven by a passion for beauty, creative freedom and the entrepreneurial spirit that was embodied by our founders. We are honored to join the Coty family and are excited about the possibilities this represents for Wella’s mission of elevating hairdressers and the hairdressing industry.”
The deal is expected to close in the second half of 2016, subject to all necessary regulatory approvals. Until then, according to a Wella spokesperson, Wella will continue to operate as the Salon Professional unit of Procter & Gamble.