"The acquisition of StarAsia will provide us with an established distribution platform to sell our mass brands in key developing markets in the Southeast Asia region," said Mr. Michele Scannavini, CEO of Coty Inc. "We look forward to welcoming the StarAsia organization into the Coty family, and I am confident that the talented team there will fit in very well at Coty."
Following the completion of the acquisition, the existing management team of StarAsia will continue to contribute towards the development of Coty`s business in the region.
"StarAsia has succeeded in building a leading regional platform, with operations in seven countries in Asia and a strong track record of growth," said Mr. 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 we look forward to building on our leading market position under Coty's ownership."
The StarAsia acquisition is just the latest in a series of moves that Coty has made in the past 10 days. Eariler, Coty announced it would issue an IPO and two days ago, the company entered Brazil via a JV with Frajo International.
More info: www.coty.com.