NEW YORK, Dec. 23, 2013 /PRNewswire/ -- Leading global beauty company Coty Inc. (NYSE:COTY), together with UAE-based luxury goods distributors, Chalhoub Group and Jashanmal, announced today the formation of Coty Distribution Emirates LLC, a new joint venture established to strengthen Coty's business in the United Arab Emirates.
This joint venture was developed in connection with Coty's long standing partnership with the Chalhoub Group, and will allow Coty to expand its go-to market capabilities in the UAE and provide consumers in the region with even greater access to Coty's brand portfolio. The new entity will also allow Coty to consolidate the distribution of its products and ensure a cohesive marketing strategy throughout this key market.
"The United Arab Emirates has enjoyed steady growth over the past decade and is a key emerging market for Coty and the beauty industry," said Mr. Michele Scannavini, CEO of Coty Inc. "Both Chalhoub and Jashanmal have proven to be exceptional partners to Coty in the Middle East and through our new joint venture, we look forward to further growing our business in this important market."
"We are very pleased to extend our long term relationship with Coty, a partnership which has benefitted both of our businesses greatly," said Patrick Chalhoub, CEO of Chalhoub Group. "We are confident that through this joint venture we will reinforce our collaboration while answering to the market and consumer needs in the region.""We have experienced a successful partnership with several of the Coty owned brands over the years and are now pleased and honored to be part of this joint venture with the parent Company," said Tony Jashanmal, Executive Director of Jashanmal. "We wish this partnership much success."
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