Coty (COTY) Announces Completion of ghd Acquisition; Sees Immediate Accretion
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Coty Inc. (NYSE: COTY) announced that it has completed the acquisition of ghd, a global premium brand in high-end hair styling appliances, further strengthening Coty’s worldwide leading position in professional hair care. The acquisition is expected to be immediately accretive to Coty’s earnings.
Camillo Pane, Coty Chief Executive Officer, said, “We are excited to welcome the ghd company to Coty. The addition of ghd, with their state-of-the-art hair appliances further strengthens our Coty Professional Beauty division, providing us with a strong foothold in an adjacent, complementary category. We look forward to continuing to grow and nurture ghd internationally as Coty strives to become a global industry leader by being a clear challenger in beauty.”
ghd will become part of the Coty Professional Beauty division, where it will be managed as a standalone business led by its current CEO Anthony Davey and management team. Anthony Davey will report to Sylvie Moreau, President of Coty Professional Beauty. The company has international operations in Europe, Australia, South Africa, and the USA. ghd products are sold through salons, in premium retail and through e-commerce. It is the number one stylist-recommended and number one consumer-preferred styler brand in all of its key markets.
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