Coty is the second largest salon hair care player in the world, following its acquisition of P&G beauty brands. Now, Coty has purchased premium hairstyling brand ghd (Good Hair Day) for about $510 million in cash. ghd is established in the United Kingdom, Australia, the United States, Germany, France, Spain, Italy and several other markets, and generated ₤178 million in revenues in fiscal year 2016.
The acquisition brings Coty a line of hair straighteners, hairdryers, curlers and other hairstyling appliances, which will fall under the Coty Professional Beauty division. Coty plans to "accelerate ghd’s strong track record of growth through its channel and category capabilities combined with ghd’s strong innovation pipeline, superior technology and robust technical expertise."
ghd CEO Anthony Davey will conginue with the brand and report to Sylvie Moreau, president of Coty Professional Beauty.
“We are pleased to bring ghd’s highly skilled management team and its employees into Coty as we continue to strengthen our core business through the addition of innovative market-leading brands and products," said Camillo Pane, Coty CEO. "ghd has beautifully designed and superior performing products, and is the preferred choice for discerning professionals and consumers alike. Not only do we expect ghd to strengthen our professional hair portfolio and enable Coty to provide even better hair solutions, but we also believe there is strong growth potential for ghd across several markets.”
Coty also announced that its chief legal officer and company secretary, Jules Kaufman, will be leaving the company, succeeded by Greerson McMullen, who will be located in Coty’s London headquarters.