The world's largest fragrance firm Coty has now announced it plans to acquire a majority stake in the Chinese cosmetics company T-Joy.
Coty and T-Joy anticipate closing the deal next month.
Through TJoy's existing distribution channels in China, Coty's strategic investment should allow it to extend its skin care business. The move also gives Coty a platform to expand its R&D capabilities.
T-Joy, which has been around since 1995, says the new deal is a 'win-win' situation for everyone.
T-Joy currently has 4 manufacturing plants across China and owns a series of famous skin care brands.
