Coty completes Unilever acquisition

Tina Milton

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The group becomes the world's largest fragrance company after acquiring its rival's prestige fragrances business

Coty has completed its purchase of Unilever Cosmetics International, the global prestige fragrance business of Unilever. The closing transaction in Austria is expected shortly after regulatory approval is granted.

Lancaster Group Worldwide president Michele Scannavini told RavenFox.com: "The addition of Unilever brands is a strong complement to the Lancaster Group's prestige portfolio of celebrity, designer and lifestyle fragrances. We are truly excited about this acquisition and we are looking forward to developing these brands, which give us a new platform to further build our prestige business around the world."

Coty chief executive Bernd Beetz said: "The purchase of these prestige fragrances strengthens Coty's leadership position in the global marketplace. It is an excellent strategic move for Coty and one that is fully in line with our strategy. Coty is now the world's largest fragrance company and we are in a strong position to achieve our long-term goal of being among the top five beauty companies in the world."