As expected, Coty bought OPI Monday making OPI perhaps the most valuable company in the history of the pro beauty industry. L’Oreal bought MATRIX and Redken for a mere percentage of what Coty paid for OPI.
Coty which owns Sally Hansen and Rimmel among its brands is also a worldwide leader in fragrances. The information below is from their website:
Today, Coty is the world’s largest fragrance company, and a global leader in the beauty industry. After more than one hundred years in the business, Coty continues to draw on the creative, entrepreneurial and visionary legacy of its founder and, more recently Bernd Beetz, Chief Executive Officer of Coty Inc. Both visionaries have dramatically shaped and re-shaped the future of the company and the beauty industry itself.
Less than a week of acquiring OPI, they also bought Philosophy, known for their holiday lotions and potions. Plus they announced they are making yet another acquisition. WOW is all I can say.
But in the meantime, OPI is the story of the year. In a press release sent by Coty and George Schaeffer, the common thread was “that if isn’t broken, then there is nothing to fix.” With that said, OPI will continue to be the industry leader in the pro nail category and the entire management team is staying on including George.
This is good news indeed. Coty already owns the majority of the nail business in mass retail and now they have the dominant position in professional salons and spas. They have the vision and celebrity names to make OPI even a bigger player and surely they paid a premium knowing what an asset they bought.
The bottom line is that it’s business as usual. With George and the management team staying on, we know the integrity and brand proposition will remain intact and Coty’s influence will only enhance it.
I’m excited and await the new opportunities. In the meantime, congratulations to George, Suzi and Miriam from taking a dental supply company into a global giant and selling to a company that understands their vision and will take it to the next level.