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Coty announced it has agreed to acquire StarAsia, an established distributor of beauty products in the markets of Southeast Asia (Cambodia, Hong Kong, Indonesia, Malaysia, Singapore, Taiwan and Vietnam) from its current parent, Isibane Pte. Ltd. The transaction is expected to close in summer 2013.
"The acquisition of StarAsia provides us with an established distribution platform to sell our mass brands in key developing markets in the Southeast Asia region," said Michele Scannavini, CEO of Coty Inc. "We are happy to welcome the StarAsia organization into the Coty family, and I am confident that the talented team there will fit in very well at Coty."
The existing management team of StarAsia will continue to lead the development of Coty`s business in the region. "StarAsia has succeeded in building a leading regional platform, with operations in seven countries in Asiaand a strong track record of growth," said Noe Saglio, CEO of StarAsia. "We are delighted to become part of the Coty family, having been a business partner for more than 10 years. Our multicultural organization combines international experience with local know-how and I am confident that our talented team will fit in very well at Coty. We look forward to building on our leading market position under Coty's ownership."