The agreement to acquire the rights was first announced in April. At that time both Coty and Burberry saw the deal as an opportunity to grow the brand. “We are proud to welcome Burberry as a strategic partner of Coty,” CEO Camillo Pane said. “We look forward to growing further Burberry’s luxury beauty products using Coty’s world-class expertise in developing and bringing to market beauty brands.”
Under the terms of the acquisition, Coty will be in charge of strategy and Burberry will be in charge of creativity as the brand expands its global beauty business. Coty will, according to a press release about the now completed deal, “[leverage] its global capabilities in beauty strategy, innovation, supply-chain and go-to-market.”
It’s a next chapter for Burberry. As Marco Gobbetti, the brand’s CEO explains, “Following months of hard work to ensure a smooth transition, we are pleased that this strategic partnership, which brings together tremendous beauty experience and expertise, has begun.”
“Burberry is incredibly proud of what has been achieved in the last four years and we look forward, with the support of Coty, to further building on these foundations,” adds Gobbetti.