Coty has today confirmed that its acquisition of Burberry Beauty’s global license rights is complete.
The beauty conglomerate announced its plans to formally acquire Burberry Beauty for £130m in April, and now Coty will henceforth be responsible for the development, manufacturing and distribution of the full Burberry Beauty range globally.
Burberry Beauty’s move to Coty comes following the brand announcing disappointing sales figures at the end of 2016, as well as CEO Christopher Bailey taking a 75 per cent pay cut.
Both CEO’s are thrilled with the merger, with Coty CEO Camillo Pane saying in a statement: “Coty’s world-class ability in developing and bringing to market beauty brands will help drive a new phase of development and growth for Burberry Beauty."
Pane’s excitement was echoed by Burberry CEO Marco Gobbetti: “Following months of hard work to ensure a smooth transition, we are pleased that this strategic partnership, which brings together tremendous beauty experience and expertise, has begun.
“Burberry is incredibly proud of what has been achieved in the last four years and we look forward, with the support of Coty, to further building on these foundations.”
