Burberry: Coty completes acquisition of beauty licence.
(CercleFinance.com) - Coty has completed the acquisition of the exclusive global license rights for Burberry Beauty luxury fragrances, cosmetics and skincare, the US beauty products maker said on Monday.
Coty will have overall responsibility for strategic direction on the business' development, while Burberry will keep control of creative aspects.
Burberry will receive cash payments of 130 million pounds for the long-term exclusive global licence and related transfer of its beauty business.
The British luxury group also expects around 40 million pounds for asset transfers totalling about 170 million pounds.
Burberry will also receive ongoing royalty payments.
In fiscal year 2016/17 Burberry's wholesale beauty revenue reached 171 million pounds.
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Coty will have overall responsibility for strategic direction on the business' development, while Burberry will keep control of creative aspects.
Burberry will receive cash payments of 130 million pounds for the long-term exclusive global licence and related transfer of its beauty business.
The British luxury group also expects around 40 million pounds for asset transfers totalling about 170 million pounds.
Burberry will also receive ongoing royalty payments.
In fiscal year 2016/17 Burberry's wholesale beauty revenue reached 171 million pounds.
Copyright (c) 2017 CercleFinance.com. All rights reserved.