Coty has acquired the long-term exclusive global beauty business licence for Burberry’s luxury fragrances, cosmetics and skincare.
The partnership will see Burberry receive £130 million for the licence, in addition to £40 million for assets transfer.
Coty is one of the world’s largest beauty companies, with beauty brands such as COVERGIRL, Marc Jacobs, Calvin Klein, Wella Professionals, OPI and ghd.
“We are pleased to complete this transaction and move forward with our strategic partnership,” said Coty’s CEO, Camillo Pane. “Coty’s world-class ability in developing and bringing to market beauty brands will help drive a new phase of development and growth for Burberry Beauty.”
Burberry’s CEO Marco Gobbetti also said his company welcomed the partnership, which was first announced in April. “Following months of hard work to ensure a smooth transition, we are pleased that this strategic partnership, which brings together tremendous beauty experience and expertise, has begun,” said Gobbetti. “Burberry is incredibly proud of what has been achieved in the last four years [with Burberry Beauty] and we look forward, with the support of Coty, to further building on these foundations.”
Burberry said future plans for the Beauty line include redevelopment of make-up as well as launch of new fragrances in key markets. The company will “continue to lead on creative elements of the business, while benefiting from Coty’s deep beauty industry expertise and first-class global distribution”.