Coty Inc. has agreed to sell a majority of its professional beauty and retail hair business, which includes Wella Professionals, Clairol, OPI and ghd, to KKR.
“This announcement represents a great milestone for our Wella North America organization," said Coty Professional North America President Sennen Pamich in a press statement. "We are confident this partnership will bring new opportunities. In the meantime, we remain fully committed to supporting our customers and our industry as it bounces back from the COVID-19 crisis."
Coty will carve out “Wella” and its portfolio of professional brands into a standalone company in which KKR will acquire a 60 percent stake and Coty will retain the remaining 40 percent interest, according to the press release.
In 2016, Coty acquired the professional beauty and retail hair brands from Procter & Gamble.