Last year, Coty spent more than $13 billion combined purchasing Proctor & Gamble’s beauty portfolio, Hypermarcas, GHD and Beamly. That doesn’t appear to be the end of their expansion either.
The beauty juggernaut has spent another $600 million to now hold sixty percent stake in Younique. This procurement will be immediately accredited towards Coty’s 2017 earnings.
Besides being created in 2012 and run by siblings Melanie Huscroft and Derek Maxfield, Younique specializes in selling their products through a peer-to-peer model. Their brand uses presenters and a mobile platform instead of the tradition location-based or online retailer.
Younique also carries a company mission to empower women worldwide. Specifically, they want to support victims of sexual abuse and their families.
That message rang loudly in a statement from Coty chief executive officer, Camilio Pane, regarding the purchase.
“Derek and Melanie are tremendous entrepreneurs who have built one of the most engaging and fastest growing e-commerce companies in beauty. Alongside the rest of Younique’s team and in partnership with their presenters, they have been able to impact the lives of millions of consumers across a number of countries with a mission to uplift and empower women,” said Pane. “We look forward to working with them to continue supporting this mission and building Younique into a leading global e-commerce beauty company.”
In terms of their stategy moving forward, Coty intends to expand Younique’s overall global reach. The brand is currently available in 10 different countries.
Derek Maxfield echoed these sentiments while adding how excited he is for the future of the Younique brand.
“We are thrilled to have Coty as a partner and expect that together we will be able to take Younique to new heights. Coty and Younique share a passion for beauty, an entrepreneurial spirit, as well as complementary missions,” he stated. “I am very excited about this partnership and everything it can bring to Younique’s employees, presenters and loyal consumers across the world.”
Maxfield, chief executive officer, and Huscroft, chief visionary officer, are expected to retain their positions following the acquisition. Younique will remain a separate entity while being included in Coty’s Consumer Beauty division.