Coty Inc. Formally Announces OPI Deal
Coty Inc. has been busy lately, snapping up Philosophy, Dr. Scheller Cosmetics AG; partnering with Lady Gaga, Calvin Klein, Roberto Cavalli on fragrances and creating creative alliances in their global color division. Someone was verrrry good this year (and possibly in business school)! As has been rumored for some time now, Coty has acquired OPI in a rumored nearly $1billion dollar deal.
OPI, the brand found in every saleable nook and cranny possible, is meant to stay a “pro line” according to Coty. OPI is without a doubt the easiest lacquer to apply and most well known brand in the market. It hasn’t been salon only for years though, so it will be interesting to see the changes that may occur. The buyout takes over the entire company, including Axxium, Will Suzi be out on the streets? Doubtful. Someone stil needs to name all of those collections.
Read on for the official press release:
COTY INC. TO ACQUIRE OPI PRODUCTS INC.
Coty Adds OPI Nail Lacquers and Nicole by OPI to Its Growing Color Portfolio
NEW YORK, November 29, 2010 — Coty Inc., a leading global beauty company, and OPI Products Inc., a leader in professional nail salon products, today announced that Coty has entered into an agreement to acquire OPI.
The acquisition will enhance Coty’s color cosmetic portfolio, through the addition of over 200 fashion forward colors of OPI Nail Lacquer’s chip-resistant formula, which has been an international success.
“We view the acquisition of OPI as complementary to Coty and a natural extension of our strategy to offer a unique portfolio of brands that produce some of the best known consumer products around the world,” said Bernd Beetz, CEO, Coty Inc. “OPI is both dynamic and high quality and has earned its place as a leading provider to professional nail care salons. This acquisition will allow Coty to expand our presence in the nail care category via an important new channel of distribution: professional salons, and importantly will offer an even greater selection of products and choice to consumers.”
“We are very excited about having OPI join the Coty family. OPI has gained a place in consumer’s minds in the US and internationally,” said Renato Semerari, President, Coty Beauty. “It is one of THE fashion brands in Nail Color for salons and that is a very unique position to be in. OPI’s success is the result of a very focused and high quality effort by the OPI team over the past decades. We are very excited to join forces with such a talented team to strengthen OPI even further in the future.”
“It’s time for a new era at OPI, and together with Coty we can begin this new journey,” said George Schaeffer, President and CEO of OPI Products Inc. “For almost 30 years, we have built a solid foundation of innovation and excellence. We are confident that by joining Coty, this legacy will continue and be strengthened. We are all excited about the next phase of opportunity for OPI. Our management team will continue on with the company and OPI’s business strategy will remain focused on the salon professional.”
“OPI has a reputation for creating fashion-forward products that make women feel beautiful and Coty is a well-established trend setter in the beauty industry,” said Suzi Weiss-Fischmann, the Executive VP & Artistic Director of OPI Products, Inc. “Together we will continue to push the envelope in beauty, color and trends.”
Financial terms of the transaction were not disclosed. The transaction is also subject to customary regulatory approvals.
Moelis & Company served as financial advisor to Coty in connection with the transaction. Lazard Freres & Co. LLC acted as financial advisor to OPI. Gibson, Dunn & Crutcher LLP served as legal advisor to Coty in the transaction. Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to OPI.
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, Chloé, 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, Beyoncé 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 Cardin1 , 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
About OPI Products Inc.
OPI Products Inc., one of the world’s leaders in professional nail care since 1981, has revolutionized the beauty industry by combining leading-edge innovation with trendsetting, fashion-forward colors. Under the leadership of OPI President & CEO George Schaeffer and Executive VP & Artistic Director Suzi Weiss-Fischmann, beautifully manicured nails are now seen as the essential fashion accessory.
Preferred by salon professionals and favored by red-carpet celebrities, OPI Nail Lacquer is currently available in 200+ shades. OPI Nail Lacquers contain no DBP, Toluene, or Formaldehyde, and feature a patented Lacquer bottle, ergonomic cap, and ProWide® Brush designed for flawless application.
In addition to Nail Lacquer, OPI also offers an entire range of state-of-the-art quality products for hands, feet, and nails – with more than 30 Patents for the company’s innovative product ideas.
OPI has had a number of successful partnerships, including CW Network, DELL, DreamWorks Animation SKG, Inc., Justin Bieber, Katy Perry, Kristi Yamaguchi, Serena Williams, Sony Pictures Screen Gems, Susan G. Komen for the Cure®, Walt Disney Pictures, and Warner Home Video.