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Bloomberg Businessweek has reported that Coty Inc. is acquiring a majority share of the Chinese skin care company Tjoy Holdings Ltd. as a way to expand its reach within the Chinese marketplace.
According to the article, a statement was made on December 5 about the companies entering into a share-purchase agreement, though financial details were not disclosed. However, a Wall Street Journal article recently reported Coty would announce a purchase of TJoy for about $400 million in cash and stock.
In the statement, Coty CEO Bernd Beetz said, “The TJoy investment positions Coty as a major player in China, solidifying our position as a global beauty leader.”