It's been a big 12 months for Coty, with the company busily acquiring and divesting of brands. The latest move sees Coty selling its international Cutex businesses to Revlon – resulting in the completion of Revlon’s global acquisition of the Cutex brand's worldwide operations.
“Cutex has been a consistent source of innovation, from its invention of liquid nail polish in 1917 to its popular nail polish removers widely used today,” says Revlon executive vice president and COO Gianni Pieraccioni.
“With this acquisition, Revlon continues to enhance our global brand portfolio and it provides us with a springboard to grow the Cutex brand worldwide. We are excited to complete the global consolidation of the Cutex brand, as this will enable us to optimise the brand’s full potential.”
Coty EVP and chief financial officer Patrice de Talhouët adds: “As recently announced, Coty aims to rationalise its portfolio by focusing on fewer brands to drive a higher growth and better quality business, transforming Coty into a new global leader and challenger in the beauty industry.
“Coty’s sale of these Cutex businesses is another step towards our strategy. Coty will continue to drive its leadership in the consumer and salon nail category as a key part of its growth strategy, however the Cutex business was not a focus-brand for Coty.”
Cutex primarily operates in Australia and the UK.
Image: Instagram.com/CutexUS
