Coty is acquiring the global licensing rights for luxury brand Burberry's fragrances, cosmetics and skincare, the company announced today.
The company will develop, manufacture and distribute the iconic British brand's beauty business.
Coty said it will pay 130 million pounds for the long-term exclusive global license and when the deal is anticipated to close at the end of the fourth quarter, another 50 million pounds for inventory.
Burberry Beauty's revenue was 203 million pounds in the 2015-2016 fiscal year, Coty said, citing Burberry's annual results.
“[Burberry] fits perfectly with Coty Luxury’s portfolio, which includes contemporary and globally relevant prestige beauty brands. We are uniquely positioned to develop Burberry Beauty to the next level. This is another significant step in building Coty’s Luxury division," said Edgar Huber, president of Coty Luxury.
Among the other brands that are part of Coty Luxury are Gucci, Marc Jacobs, Hugo Boss, Calvin Klein, Alexander McQueen, Bottega Veneta and Balenciaga.