P&G Specialty Beauty Business has awarded its marketing and publicity management to independent Hyland Media, run by CEO Virginia Hyland.
The global cosmetics and beauty giant, which previously sat with MediaCom, a global content and connections agency, made the switch to Hyland Media following a global pitch.
Australian-based Hyland Media has also retained beauty product leader Coty as a customer, despite the brand honing a global strategy that featured Publicis-owned Zenith, a media company marketed as ‘the ROI agency’.
“As an independent agency it’s great to be recognised on a global stage for our ability to drive success in the beauty category. Originally a media agency, we listened to our client needs and expanded to three specialist divisions: social, creative and media,” said Hyland Media, on its website.
The P&G Specialty Beauty Business brand portfolio, which contains 43 high-profile names, is currently in the acquisition process with Coty. The transition is expected to be completed in October of this year.
Leading global beauty company, Coty, had net revenues of $4.3 bn for the fiscal year ending June 30, 2016.
Its product offerings include household brands such as colour cosmetics companies Rimmel and Sally Hansen, as well as fragrances Calvin Klein, Chloé, Davidoff and Marc Jacobs. Following the merger, other recognisable global labels joining P&G Specialty Beauty Business include beauty giant Max Factor and haircare lines Wella and Clairol.
Exchange offer for split
On 1 September 2016, P&G announced it would start an exchange offer relating to the split-off of certain assets and liabilities relating to P&G’s global fine fragrances, salon professional, cosmetics and retail hair colour business, along with select colour styling brands, known as “P&G Beauty Brands”.
The merge will occur through a sophisticated agreement called a 'Reverse Morris Trust' structure, where the company will move operations into a new entity. P&G’s shareholders will own a majority stake in the newly-created organisation.
P&G first announced the merger last year, when the multinational manufacturer agreed to give control of its 43 hair and beauty brands to New York-based Coty, in a deal worth $12.5 bn.
The new organisation is expected to make around $10 billion in revenue, with Bart Becht, CEO of Coty, driving its efforts.