NEW YORK--(BUSINESS WIRE)--Revlon, Inc. (NYSE:REV) (“Revlon”) and Coty Inc. (NYSE:COTY) (“Coty”) today announced that Revlon has acquired Coty’s international Cutex businesses, which primarily operates in Australia and the U.K. With this acquisition, Revlon completed the global consolidation of the Cutex brand’s worldwide operations under Revlon management.
“Cutex has been a consistent source of innovation, from its invention of liquid nail polish in 1917 to its popular nail polish removers widely used today,” said Gianni Pieraccioni, Executive Vice President and COO of Revlon. “With this acquisition, Revlon continues to enhance our global brand portfolio and it provides us with a springboard to grow the Cutex brand worldwide. We are excited to complete the global consolidation of the Cutex brand, as this will enable us to optimize the brand’s full potential.”
Commenting on the sale of the Cutex business, Patrice de Talhouët, Coty’s EVP and Chief Financial Officer said: “As recently announced, Coty aims to rationalize its portfolio by focusing on fewer brands to drive a higher growth and better quality business, transforming Coty into a new global leader and challenger in the beauty industry. Coty’s sale of these Cutex businesses is another step towards our strategy. Coty will continue to drive its leadership in the consumer and salon nail category as a key part of its growth strategy, however the Cutex business was not a focus-brand for Coty.”
For over 100 years, Cutex has provided consumers with quality and innovative nail products, including a wide range of nail polish remover products, including Cutex liquid nail polish removers, nail polish remover pads, jar nail polish removers and gel polish removers.
By re-unifying Cutex’s worldwide operations within Revlon’s brand portfolio, Revlon is now positioned to strengthen the Cutex brand by focusing on redesigning the existing Cutex nail care products to enhance consumer appeal and expanding its portfolio into additional categories.
Terms of the acquisition were not disclosed.
Revlon is a global cosmetics, hair color, hair care and hair treatments, beauty tools, men’s grooming products, anti-perspirant deodorants, fragrances, skincare, and other beauty care products company. The company’s vision is to establish Revlon as the quintessential and most innovative beauty company in the world by offering products that make consumers feel attractive and beautiful. Revlon believes that its global brand name recognition, product quality, R&D, innovation and marketing experience have enabled it to create leading global consumer and professional brands. Revlon’s Consumer segment global brand portfolio includes Revlon® color cosmetics, Almay® color cosmetics, SinfulColors® color cosmetics, Pure Ice® color cosmetics, Revlon ColorSilk® hair color, Revlon® Beauty Tools, Charlie® fragrances, and Mitchum® anti-perspirant deodorants. Revlon’s Professional segment global brand portfolio includes: Revlon Professional®, CND®, including CND’s Shellac® brand 14+ day nail color system and Vinylux® weekly nail polish, and American Crew® men’s grooming products. Websites featuring current product and promotional information can be reached at www.revlon.com, www.almay.com, www.mitchum.com, www.revlonprofessional.com, www.americancrew.com and www.cnd.com. Corporate and investor relations information can be accessed at www.revloninc.com.
About Coty Inc.
Coty is a leading global beauty company with net revenues of $4.4 billion for the fiscal year ended June 30, 2015. Founded in Paris in 1904, Coty is a pure play beauty company with a portfolio of well-known fragrances, color cosmetics and skin & body care products sold in over 130 countries and territories. Coty’s product offerings include such power brands as adidas, Calvin Klein, Chloé, DAVIDOFF, Marc Jacobs, OPI, philosophy, Playboy, Rimmel and Sally Hansen. For additional information about Coty Inc., please visit www.coty.com
Forward-Looking Statements About Revlon
Statements made in this press release, which are not historical facts, are forward-looking. Forward-looking statements speak only as of the date they are made and, except for Revlon's ongoing obligations under the U.S. federal securities laws, Revlon undertakes no obligation to publicly update any forward-looking statement, whether to reflect actual results of operations; changes in financial condition; changes in general U.S. or international economic or industry conditions and/or conditions in Revlon’s reportable segments; changes in estimates, expectations or assumptions; or other circumstances, conditions, developments or events arising after the issuance of this press release. Such forward-looking statements include, without limitation, Revlon’s belief: (i) that the acquisition provides us with a springboard to grow the Cutex brand worldwide; (ii) that completing the global consolidation of the Cutex brand will enable us to optimize the brand’s full potential; and (iii) that by re-unifying Cutex’s worldwide operations within Revlon’s brand portfolio, Revlon is now positioned to strengthen the Cutex brand by focusing on redesigning the existing Cutex nail care products to enhance consumer appeal and expanding its portfolio into additional categories. Actual results may differ materially from such forward-looking statements for a number of reasons, including those set forth in our filings with the SEC, including, without limitation, our 2015 Annual Report on Form 10-K that we filed with the SEC in February 2016 and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that we have filed or will file with the SEC during 2015 and 2016 (which may be viewed on the SEC's website at http://www.sec.gov or on our website at http://www.revloninc.com), as well as reasons including, without limitation: (i) difficulties, delays in and/or Revlon’s inability to realize growth of the Cutex brand, whether due to economic conditions, unexpected trends in nail care consumption, actions by competitors or otherwise; (ii) difficulties, delays in, and/or Revlon’s inability to optimize the Cutex brand’s full potential, such as decreased net sales that may be due to lower than expected customer or consumer acceptance of Revlon’s Cutex-branded products and/or higher than expected sales returns, including as may be due to customer inventory management; and/or (iii) difficulties, delays in and/or Revlon’s inability to strengthen the Cutex brand by focusing on redesigning the existing Cutex nail care products to enhance consumer appeal and expanding its portfolio into additional categories, such as due to less than expected results from Revlon’s new product development activities, less than expected acceptance of Revlon’s new products by customers or consumers, less than expected levels of advertising, promotional and/or marketing activities in support of Revlon’s new Cutex-branded products, as well as the unavailability of cash on hand and/or funds under Revlon’s bank credit facilities or from other permitted additional sources of capital to fund any such activities. Other factors could also cause Revlon’s results to differ materially from expected results. The business and financial materials and any other statement or disclosure on or made available through Revlon’s websites or other websites referenced herein shall not be incorporated by reference into this release.
Forward-Looking Statements About Coty
Certain statements in this release are forward-looking statements. Actual events may differ from Coty's current views due to risks and uncertainties. More information about potential risks and uncertainties is included under "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in Coty’s Annual Report on Form 10-K for the fiscal year ended June 30, 2015 and Coty’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2016 and under “Risk Factors” in Coty’s Registration Statement on Form S-4 filed with the Securities and Exchange Commission on April 22, 2016, including any amendments thereto, and other periodic reports Coty may file with the Securities and Exchange Commission from time to time. Coty assumes no responsibility to update forward-looking statements made herein or otherwise.