New Joint Venture Strengthens Coty's Footprint and Go-To Market Capabilities in the United Arab Emirates, a Key Emerging Market
NEW YORK, Dec. 23, 2013 /CNW/ - Leading global beauty company Coty Inc. (NYSE:COTY), together with UAE-based luxury goods distributors, Chalhoub Group and Jashanmal, announced today the formation of Coty Distribution Emirates LLC, a new joint venture established to strengthen Coty's business in the United Arab Emirates.
This joint venture was developed in connection with Coty's long standing partnership with the Chalhoub Group, and will allow Coty to expand its go-to market capabilities in the UAE and provide consumers in the region with even greater access to Coty's brand portfolio. The new entity will also allow Coty to consolidate the distribution of its products and ensure a cohesive marketing strategy throughout this key market.
"The United Arab Emirates has enjoyed steady growth over the past decade and is a key emerging market for Coty and the beauty industry," said Mr. Michele Scannavini, CEO of Coty Inc. "Both Chalhoub and Jashanmal have proven to be exceptional partners to Coty in the Middle East and through our new joint venture, we look forward to further growing our business in this important market."
"We are very pleased to extend our long term relationship with Coty, a partnership which has benefitted both of our businesses greatly," said Patrick Chalhoub, CEO of Chalhoub Group. "We are confident that through this joint venture we will reinforce our collaboration while answering to the market and consumer needs in the region."
"We have experienced a successful partnership with several of the Coty owned brands over the years and are now pleased and honored to be part of this joint venture with the parent Company," said Tony Jashanmal, Executive Director of Jashanmal. "We wish this partnership much success."
About Coty Inc.
Coty is a leading global beauty company with net revenues of $4.6 billion for the fiscal year ended June 30, 2013. Founded in Paris in 1904, Coty is a pure play beauty company with a portfolio of well-known fragrances, color cosmetics and skin & body care products sold in over 130 countries and territories. Coty's product offerings include such global brands as adidas, Calvin Klein, Chloe, Davidoff, Marc Jacobs, OPI, philosophy, Playboy, Rimmel and Sally Hansen.
About Chalhoub Group
The Chalhoub Group is the leading partner for luxury in the Middle East since 1955.
By blending its expertise of the Middle East with its intimate knowledge of luxury and a keen perception of the markets and consumers, the Chalhoub Group thrives to build successful brands in fashion, beauty and gift sector in the region.
With a growing workforce of about 10,000 people, implemented in 14 countries, the Group operates of over 500 retail outlets and its success is attributed to its most valued asset of highly skilled, dedicated, professional and passionate human resources.
For more information, please visit http://www.chalhoub-group.com/
SOURCE: Coty Inc.
For further information:
COTY INC.: Catherine Walsh, Senior Vice President, Corporate Communications, [email protected], T: +1 212 389 7346; CHALHOUB GROUP: Rachel El Helou, Events & PR Specialist, [email protected], T: +971 (0)4-804 5000, F: +971 (0)4-8045099