Coty completes merger with P&G Specialty Beauty Business

Coty has completed the merger of The Procter & Gamble Company’s styling businesses.

With this merger, Coty will have approximately $9bn in revenue. Camillo Pane will become the new chief executive officer (CEO) following the merger.

Pane said: “It is my great privilege to take over the reins of leadership at such a transformational moment. Today marks a new chapter in Coty’s rich heritage. With this merger, we have brought together a powerful portfolio of much loved beauty brands and some of the world’s most talented people in beauty and consumer goods.

“I believe this combination, together with our distinctive entrepreneurial culture, focused and lean operating structure, and efficient earnings model, will enable Coty to be a challenger in the beauty industry.”

Coty’s board of directors chairman Bart Becht said: “Coty is now better positioned as we aim to become, over time, a global industry leader by being a clear challenger in beauty, delighting our consumers and creating long-term shareholder value.

"I am confident that we now have a much improved team, structure, and culture to make the vision of this merger a reality. I look forward to continuing to work with the new leadership team in my role as Chairman to drive Coty to in-market success and profitable growth.”

Coty will assume approximately $1.9bn of debt from the P&G Specialty Beauty Business with the closure of the deal.