Wella AG is a German hair care company headquartered in Geneva, Switzerland. Founded in 1880 by Franz Ströher, it specialises in hair care, styling and colorants sold to individuals as well as hairdressers and was controlled by Procter & Gamble from 2003 until it was sold to Coty Inc. in 2015 along with some 40 other P&G brands. On December 1, 2020, Coty completed sale of: Wella, Clairol, OPI and ghd brands stake to American private equity KKR for $2.5bn in cash whilst retaining 40% stake in the standalone company.

On October 1, 2021, Coty announced that it would sell an approximate 9% stake to KKR for $426.5 million. The deal cuts Coty’s stake in: Wella, Clairol, OPI and ghd brands to around 30.6%.

On November 8, 2021, Coty has agreed to sell an approximate 4.7% stake in Wella to KKR in exchange for the redemption of approximately 56% of KKR’s remaining convertible preferred shares in Coty. The deal reduces Coty’s total shareholding in: Wella, Clairol, OPI and ghd brands to approximately 25.9%. KKR will continue to have a 2.4% ownership stake in Coty on an as-converted basis.