KKR, a world funding agency buying 60% of Wella from Coty Inc., named Annie Young-Scrivner as the brand new Chief Government Officer (CEO) of the Wella Company. The appointment will turn into efficient upon shut of the beforehand introduced transaction.
After the transaction closes, the Wella Company will function as a separate firm with its personal administration group and operational buildings. Wella will probably be comprised of the belongings of Coty’s Skilled and Retail Hair companies, together with the Wella Skilled, Clairol, OPI, Nioxin and ghd manufacturers, that are valued at $4.three billion on a cash- and debt-free foundation below the phrases of the transaction. KKR will personal 60% of the Company and Coty will personal the remaining 40%.
“I’m honored to affix Wella at such a pivotal time within the model’s historical past as it celebrates 140 years of partnering with magnificence professionals and salon homeowners,” Young-Scrivner mentioned. “I’ve lengthy admired Wella’s iconic manufacturers and breakthrough improvements, and I’m wanting ahead to participating with the group as we work to develop the portfolio of manufacturers and improve the Company’s share of the $90 billion Hair and Nail magnificence class.”
Present President of Coty’s Skilled and Retail Hair companies, Sylvie Moreau, will stay in her function till the transaction between KKR and Coty closes. “I wish to thank Sylvie for abandoning an exquisite legacy, a outstanding group and a stable basis from which we are going to develop,” mentioned Young-Scrivner.
Young-Scrivner joins Wella from GODIVA Chocolatier the place she served as CEO for the final three years. The press launch announcement says her tenure at GODIVA was marked by accelerating progress with growth into new channels and classes to make the enduring model extra accessible to customers, whereas honoring the model’s heritage.
Along with being the driving drive behind GODIVA’s social influence efforts to empower ladies, Young-Scrivner additionally led the enhancement of GODIVA’s digital expertise, making it a crucial part to the model’s ecosystem.
Throughout her three-ecade profession, Young-Scrivner has demonstrated distinctive power in model, digital, and expertise improvement throughout completely different channels. Having labored in additional than 30 nations around the globe, she brings a deep understanding of worldwide markets. Previous to GODIVA, she spent seven years in numerous senior positions at Starbucks Company the place she helped elevate the model and buyer expertise whereas fueling an innovation pipeline that led to double-digit progress.
Present President of Coty’s Skilled and Retail Hair companies, Sylvie Moreau
“We’re thrilled that Annie will carry her great ardour for the patron sector, her dedication to various and inclusive organizations, and her confirmed monitor document of constructing the worth of client manufacturers and companies to the newly shaped Wella Company,” mentioned Tim Franks, Associate at KKR and Head of Client & Retail in its European Non-public Fairness enterprise.
As CEO, Ms. Young-Scrivner will report back to Wella’s Board of Administrators. The standalone Wella Company is predicted to have an estimated 6,000 workers and stay a prime international participant within the skilled magnificence trade, serving over 250,000 hair and nail salons in over 100 nations and serving customers globally by its iconic retail manufacturers.
“Given Annie’s huge international expertise in working with B2B and B2C companies and her intuitive understanding of digital engagement in client-centric industries, we’re assured she is going to assist unlock the true potential of Wella’s portfolio,” mentioned Nancy Ford, Managing Director at KKR within the Americas Non-public Fairness enterprise.
The transaction is predicted to shut by the tip of the 12 months.
Annie Young-Scrivner Biography
Young-Scrivner served as CEO of GODIVA Chocolatier since August 2017. Previous to becoming a member of GODIVA, she served in quite a lot of senior govt roles at Starbucks Company since 2009, together with: Government Vice President, International Digital & Loyalty Growth; President, Teavana & Government Vice President of International Tea; President of Starbucks Canada; and International Chief Advertising Officer & President of Tazo Tea. Previous to her time at Starbucks, Ms. Young-Scrivner spent 19 years at PepsiCo, serving in senior management positions in gross sales, advertising and normal administration together with: Chief Advertising Officer and Head of Gross sales for Quaker Meals and Snacks Division; Chairman and Area President of PepsiCo Meals Larger China; and Vice President and Common Supervisor of PepsiCo’s Goal group.
Young-Scrivner at the moment serves on the Board of Administrators of Tiffany & Co., and YUM! Manufacturers and beforehand served on the Board of Macy’s Inc. Ms. Young-Scrivner holds a B.A. from the Foster Faculty of Enterprise, College of Washington, and an Government M.B.A. from the Carlson Faculty of Enterprise, College of Minnesota. She continued her govt training at IMD, Switzerland, Yale Faculty of Administration, Darden Faculty of Administration at College of Virginia.
In regards to the Wella Company
The Wella Company* is without doubt one of the world’s main magnificence firms, comprised of a household of icons such as Wella Professionals, Clairol, OPI, Nioxin and ghd. With 6,000 workers globally, presence in over 100 nations, the Wella Company and its manufacturers are on a mission to allow customers to appear and feel their true self by the ability of constructive change. The Wella Company is co-created and designed for the wonder junkies of at present and tomorrow and stays dedicated to range & inclusion, sustainability, and a variety of social causes. Additional details about the Wella Company could be discovered right here: www.wellacompany.com.
*The brand new firm will solely be operational below the Wella Company identify and emblem upon the deal’s closing.
KKR is a number one international funding agency that manages a number of various asset courses, together with non-public fairness, credit score and actual belongings, with strategic companions that handle hedge funds. KKR goals to generate engaging funding returns for its fund buyers by following a affected person and disciplined funding strategy, using world-class individuals, and driving progress and worth creation with KKR portfolio firms. KKR invests its personal capital alongside the capital it manages for fund buyers and offers financing options and funding alternatives by its capital markets enterprise. References to KKR’s investments could embody the actions of its sponsored funds. For extra details about KKR & Co. Inc. (NYSE: KKR), please go to KKR’s web site at www.kkr.com and on Twitter @KKR_Co.
Coty is without doubt one of the world’s largest magnificence firms with an iconic portfolio of manufacturers throughout perfume, shade cosmetics, hair shade and styling, and pores and skin and physique care. Coty is the worldwide chief in perfume, a robust quantity two in skilled hair shade & styling, and quantity three in shade cosmetics. Coty’s merchandise are offered in over 150 nations around the globe. Coty and its manufacturers are dedicated to a variety of social causes as effectively as searching for to attenuate its influence on the setting. For extra details about Coty Inc., please go to www.coty.com.
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Initially posted on Fashionable Salon