On Monday, October 17, news broke that Coty Inc. will be acquiring iconic and premium heat-styling tools brand ghd (“Good Hair Day”) for approximately US$510 million (about CA$690 million).
Currently headquartered in the United Kingdom, ghd was founded by three British hairdressers 15 years ago. When it was created, the company specialized in the manufacturing and design of straightening irons for the professional salon industry. The brand has since grown a cult-like following, expanding to the premium consumer markets and e-commerce while broadening its line of offerings to include a variety of premium electrical styling tools. The company has commercial operations across Europe and North America and is available online globally.
Coty Chief Executive Officer Camillo Pane believes the acquisition will be beneficial in boosting the company’s professional salon portfolio alongside Wella and OPI under the Coty Professional Beauty umbrella.
Once fully acquired, ghd’s current CEO, Anthony Davey, and his management team will remain at the helm, as Coty intends to have ghd operate as a standalone business under the Coty Professional Beauty division.