Global beauty company Coty and luxury retailer Chalhoub Group have renewed their long standing partnership through the Coty Middle East FZCO joint venture.
The agreement enables Coty to expand its go-to market capabilities and provide consumers in the region with even greater access to Coty’s brand portfolio across luxury, consumer beauty and professional beauty divisions.
Following the merger of the P&G Specialty Beauty Business into Coty, finalised in October 2016, both parties have agreed to reinforce their partnership to allow the integration of the P&G Specialty Beauty brands within the joint venture, setting up a revised structure to drive further growth.
“We are very glad to extend our long-term partnership with Coty. Through the years, we have built a strong partnership based on trust and respect, combining our knowledge of the region and its consumers with Coty’s expertise in the beauty industry. We are confident that this reinforced collaboration will allow us to be closer to the Middle Eastern consumers and better answer their aspirations,” says Patrick Chalhoub, co-CEO, Chalhoub Group.
“The Middle East region has enjoyed steady growth in beauty over the past decade and is a key market for Coty. Since 2004, the Chalhoub Group has proven to be an exceptional partner to Coty in the region. Through our renewed partnership following the merger of the P&G Specialty Beauty Business into Coty, we look forward to further growing our business in the Middle East,” adds Coty CEO Camillo Pane.
Both parties have signed an amendment of their shareholders’ agreement. Coty will own 75% of the shares of the joint venture, reflecting the increased contribution of the P&G Specialty Beauty Business.
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