Coty expands skin care portfolio with TJoy investment
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.
Jennifer Lopez tapped as latest L’Oréal Paris brand ambassador
PARIS — L’Oréal Paris has selected recording artist and actress Jennifer Lopez as its newest global brand ambassador.
Lopez joins the list of representatives for L’Oréal Paris, which includes Milla Jovovich, Patrick Dempsey, Rachel Weisz, Beyonce Knowles, Diane Kruger, Evangeline Lilly, Andie MacDowell, Eva Longoria, Freida Pinto and Gerard Butler.
"Jennifer’s talent and accomplishments span across many industries," stated Karen Fondu, president of L’Oréal Paris USA. "Coupled with her obvious beauty, she is a modern role model for women and truly embodies the spirit of the L’Oréal Paris philosophy, ‘Because You’re Worth It.’ We are delighted to welcome Jennifer into the L’Oréal Paris distinguished group of spokespeople."
Sara Lee completes sale of beauty, detergent businesses to Unilever
DOWNERS GROVE, Ill. — Sara Lee announced on Monday that it has completed the sale of its global body care and European detergents businesses to Unilever for 1.21 billion euro ($1.6 billion).
The sale is part of Sara Lee’s ongoing process of divesting its household and body care businesses.
"The divestiture of our body care and European detergents businesses further enables us to concentrate our efforts in key areas where we have a strong competitive position and can generate significant shareholder value," stated Marcel Smits, interim CEO of Sara Lee. "We remain focused on aggressively driving growth in our core coffee and protein categories."
In addition, the company has announced and closed transactions for its air care business and its stake in the Indian insecticides joint venture Godrej Sara Lee. In addition, Sara Lee announced the pending sale of its non-Indian insecticides business to SC Johnson.
Sara Lee noted that it has received interest in the remainder of its household business, primarily shoe care and Asian cleaning brands, and is continuing to pursue divestiture options for this business.