Well, they said it was coming. You know those teasers Coty CEO Bernd Beetz kept dropping last week about plans for a purchasing trifecta before year end? He came through, and yesterday announced the acquisition of a majority stake in Tjoy, the Chinese skincare company, thus completing the third leg of a Philosophy-OPI trinity. Read more
Oh, the tangled web these luxury moguls weave. We all know about Bernard Arnault and Francois-Henri Pinault, but how about those Reimanns? Granted, the name doesn’t rhyme as well with their rivals, but the German billionaires are creeping down the luxury acquisition warpath led by executive Peter Harf.
Yesterday marked a sudden surge in spending — not just on stuff, but on companies. According to the investment bankers with their eye on the retail and fashion sector, Christmas itself has come early: J. Crew has been sold for billions to private equity! Gymboree has gone to Bain! Coty has bought Philosophy from the Carlyle Group! (Remember: three=trend.) Action! The engine has restarted! And so on.