NEW YORK — Coty has added Chinese skin care company, TJoy, to its skin care portfolio, which provides Coty a solid foothold in China through TJoy's existing distribution channels, and also gives Coty a platform to expand its research and development capabilities.
"The TJoy investment positions Coty as a major player in China, solidifying our position as a global beauty leader. TJoy and Pure Plant Extract are sublime additions to the Coty skin care portfolio, and only make our portfolio stronger," said Bernd Beetz, CEO of Coty Inc. "We are excited by this investment in TJoy and look forward to welcoming the TJoy employees into the worldwide Coty family."
The share purchase agreement calls for Coty to acquire a majority stake in TJoy Holdings, a Cayman Islands company. The deal is expected to close in January. Financial terms were not disclosed.
The addition of TJoy and Pure Plant Extract brands further strengthens Coty's current skin care portfolio, which includes skin care brands Lancaster and philosophy. Since its launch in 1995, the TJoy product line has established strong brand recognition in the Chinese market while maintaining a distinctive brand image.