Coty Acquires TJoy of China
Coty Acquires TJoy of China
Coty has acquired a majority stake in TJoy Holdings, Ltd., a Cayman Islands Company which owns Tjoy, a leading skin care company in China.
Coty and TJoy anticipate closing the share purchase in January 2011.
Coty's strategic investment extends its skin care business by providing it with a solid foothold in China through TJoy's existing distribution channels, and also gives Coty a platform to expand its R&D capabilities.
The addition of the TJoy and Pure Plant Extract brands further strengthens Coty's current skin care portfolio, which includes skin care brand Lancaster and philosophy, Inc., the latter of which the company recently acquired.
Since its launch in 1995, the TJoy product line has established incredibly strong brand recognition in the Chinese market while maintaining a distinctive brand image that will be further strengthened with the new Coty involvement.
"The TJoy investment positions Coty as a major player in China, solidifying our position as a global beauty leader. TJoy and Pure Plant Extract are sublime additions to the Coty skincare portfolio, and only make our portfolio stronger," said Bernd Beetz, CEO, Coty Inc. "We are excited by this investment in TJoy and look forward to welcoming the TJoy employees into the worldwide Coty family."
Mr. Chuang Wen Yang, chairman and founder of TJoy, said, "The combination of TJoy and Coty is an important milestone for TJoy and is a 'win-win' situation for everyone. I am very confident that our combined businesses will enjoy rapid growth through Coty's global reach and marketing expertise. And together, our brands will continue to achieve great things."
The combined company will accelerate the growth of Coty products, including adidas and Rimmel, as well as strengthen Coty's innovative pipeline of products by furthering its presence in the Chinese market.
Financial terms of the transaction were not disclosed.
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