Coty, the company behind perfumes from celebrities such as Beyoncé Knowles and Celine Dion, is taking a $400m step into China through the acquisition of a majority stake in local skin-care group TJoy Holdings.
The acquisition, the fourth in as many weeks for the US beauty group, underlines the allure of the Chinese market.
China is set to overtake the US to become the world’s second-biggest skin-care market in 2012, behind Japan, according to research group Euromonitor. This year’s revenues are estimated to be $8.7bn.
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