Wella, the owner of beauty brands including Clairol, OPI and Wella Professionals, has filed for a US IPO as it posts higher revenue and profit.
The New York-based beauty company recorded net income of $2.7 million on revenue of $2.94 billion for the year ended June 30, compared with a net loss of $44.6 million on revenue of $2.69 billion in the prior year.
Founded in 1880 by Franz Ströher, Wella began producing netting material used for wigs in Rothenkirchen, Germany.
The brand was publicly launched in 1924 and later expanded into products including perming agents, bleaching products, hair color and hair hygiene products.
Today, Wella operates in more than 100 countries and serves more than 250,000 hair and nail salons.
The company’s main offices are located in Geneva, Switzerland and New York, with a major research and development facility in Darmstadt, Germany.
Coty acquired Wella in 2015 as part of its acquisition of Procter & Gamble’s beauty business. KKR acquired a majority stake in Wella from Coty in 2020.
Last year, Coty sold its remaining stake in Wella to KKR for $750 million, along with 45 per cent of proceeds from any future sale or IPO of the business after the latter’s preferred return had been met.
According to the filing, proceeds from the IPO will be used for purposes including debt repayment and addressing tax consequences related to a restructuring.
Goldman Sachs Group, Bank of America, KKR and JPMorgan Chase are leading the offering. Wella plans to list on the New York Stock Exchange under the ticker symbol WELA.
