Coty acquires OPI to expand its nail division
today Dec 4, 2010
Coty Inc., a leading global beauty company has entered agreement to acquire OPI Products Inc., a leader in professional nail salon products.
The acquisition will enhance Coty's colour cosmetic portfolio, through the addition of over 200 colours of OPI Nail Lacquer's chip-resistant formula, which has been an international success.
"For almost 30 years, we have built a solid foundation of innovation and excellence” said George Schaeffer, President and CEO of OPI. “We are confident that by joining Coty, this legacy will continue and be strengthened”.
“This acquisition will allow Coty to expand our presence in the nail care category via an important new channel of distribution: professional salons”, said Coty’s CEO Bernd Beetz.
Coty was created in Paris in 1904 by Francois Coty who is credited with founding the modern fragrance industry. Today, Coty Inc. is a recognized leader in global beauty with annual net sales of nearly $4 billion and delivers its products to consumers in 90 markets worldwide. OPI was founded in 1981 by George Schaeffer, current CEO, who immigrated to the US from Eastern Europe. The nail lacquer company continues to be family owned.
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