New York-based cosmetics group Coty will acquire a majority share of Chinese skin-care company TJoy Holdings to expand its footprint in mainland China, Bloomberg reported. Coty, wholly owned by German company Joh A. Benckiser, focuses on fragrance brands, which include products by Calvin Klein, Sarah Jessica Parker and Vera Wang. The TJoy acquisition will bring Coty into the mainland cosmetics business to compete with L’Oreal (OR.Euronext), currently the market leader. Financial terms of the acquisition were not officially disclosed but the Wall Street Journal reported that Coty would pay US$400 million in cash and stock for the stake. According to its acquisition statement, Coty’s sales grew 3% in its 2010 fiscal year to US$3.6 billion.
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