New partnership aids Coty's plans for global expansion
that it plans to double in size in the coming five years, the
company has announced the incorporation of Coty Prestige Japan K.K
in a bid to further cement its lead as the main player within the
cosmetics industry.
The joint venture between Coty and Bluebell Beaute comes with its decision to aim to become expand rapidly within the global beauty market and to expand its net worth to around $5 billion.
Bernd Beetz, CEO of Coty Inc said, "This strategic partnership will utilize local knowledge and increase our capacity to market our products. This business decision reflects the importance of Japan's fragrance market and the global growth of the Coty Prestige portfolio".
Hoping to capitalize on the important Japanese industry, Coty is planning to further develop its prestige products within that market and the Coty Prestige Japan K K will join forces with Bluebell Beaute to manage the marketing and commercial policies with Bluebell Beaute acting as the point of contact for all retailers.
The joint partnership is intended to benefit both parties in excelling within the market and consolidating Coty's previous growth strategies that include the launch of new fragrances, and the further development of key brands within its extensive portfolio.
Last year, Coty completed the purchase of Unilever Cosmetics International, the global prestige fragrance business of Unilever, a deal that made it the world's largest fragrance player.
The move gave Coty access to key brands such as Calvin Klein and Chloe, increasing its prominence on the international beauty market.
The company has previously targeted the Japanese market by partnering with Kose to promote the Rimmel make up brand. It is also hoping to develop its market lead by continuing to promote the Calvin Klein brand, which has generated nearly $610 million for the company.
Other key international brands owned by Coty include Joop, Celine Dion, Adidas, Jennifer Lopez and Esprit. The company also signed up England football captain David Beckham and his pop star wife Victoria to promote perfume brands.
