In conjunction with the investment deal, Coty consolidated its professional and retail hair businesses in to one company. What was once several distinct brands—including, Wella Professional, Nioxin, Clairol, OPI, and ghd—is now simply Wella Company, as Cosmetics Design reported earlier this year.
Back in May, when the KKR deal was first announced, Coty COO and CFO Pierre-André Terisse described the move saying, “as part of a number of steps to continue Coty’s transformation, the strategic partnership with KKR is clearly the most game-changing. We will see immediate improvement to our balance sheet and are in the final stages of finalizing a 60/40 partnership for our Professional Beauty and Retail Hair business.”
Seasoned executive Annie Young-Scrivner will be CEO of Wella Company before the end of 2020
When the KKR – Wella deal closes later this year, Young-Scrivner will take over leadership of the company from current President Sylive Moreau. “I would like to thank Sylvie for leaving behind a wonderful legacy, a remarkable team and a solid foundation from which we will grow,” Young-Scrivner said in her remarks to the press the month.
“I am honored to join Wella at such a pivotal time in the brand’s history as it celebrates 140 years of partnering with beauty professionals and salon owners,” she says. “I’ve long admired Wella’s iconic brands and breakthrough innovations, and I am looking forward to engaging with the team as we work to grow the portfolio of brands and increase the company’s share of the $90bn hair and nail beauty category,” continues Young-Scrivner.
Annie Young-Scrivner soon to lead a multinational professional beauty company
Under the terms of the KKR-Coty deal, Wella is valued at $4.3bn (on a cash- and debt-free basis), according to this month’s media release about Young-Scrivner’s appointment to the CEO post.
The company will comprise about 6,000 employees and continue to serve more than 250,000 hair and nail salons around the world.
“Given Annie’s vast global experience in working with B2B and B2C businesses and her intuitive understanding of digital engagement in consumer-centric industries, we are confident she will help unlock the true potential of Wella’s portfolio,” says Nancy Ford, Managing Director of the America’s Private Equity business at KKR. Ford will sit on the Wella Board of Directors that Young-Scrivner will report to as CEO.
“We are thrilled that Annie will bring her tremendous passion for the consumer sector, her commitment to diverse and inclusive organizations, and her proven track record of building the value of consumer brands and businesses to the newly formed Wella Company,” says Tim Frank, Partner at KKR and Head of Consumer and Retail in the firm’s European Private Equity business.
