Coty acquires hair styling firm ghd

US-based beauty products manufacturer Coty has acquired hair styling appliances firm good hair day (ghd).

The deal is expected to be immediately accretive to Coty’s earnings. ghd will be included into the professional beauty unit of Coty and will be an independent entity.

The company's operations will be overseen by its existing chief executive officer Anthony Davey and management team, who will report to Coty professional beauty president Sylvie Moreau.

ghd has operations across Europe, Australia, South Africa, and the USA. It offers its products through salons, in premium retail, and via e-commerce.

Coty's chief executive officer Camillo Pane 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.”

Coty offers a variety of products across different categories such as fragrances, salon hair colour & styling and colour cosmetics through three divisions namely, Coty consumer beauty, Coty luxury and Coty professional beauty.