KKR Plans US IPO for Wella Company, Sources Reveal

• KKR bought its initial 60% stake in Wella from Coty in 2020 at a $4.3 billion valuation (including debt), then acquired the remaining 25.8% for $750 million in December 2025
• Coty will receive 45% of proceeds from any IPO or sale after KKR's preferred return is met, per the December 2025 agreement
• Wella employs over 6,000 people and owns multiple beauty brands including OPI, Briogeo, ghd, and Clairol, with operations across Geneva, New York, London, and California

Summary: KKR Plans US IPO for Wella Company

Key Development: Private equity firm KKR is preparing beauty company Wella for a U.S. initial public offering potentially later in 2026, with an expected valuation "meaningfully" exceeding $4.3 billion.

Company Profile: Wella owns premium beauty brands including OPI nail polish, Wella hair products, Briogeo, ghd, and Clairol. The company employs over 6,000 people with offices in Geneva, New York, London, and Calabasas, plus an R&D facility in Darmstadt, Germany.

Transaction History:

• 2020: KKR acquired 60% stake from Coty for $4.3 billion (including debt) when Wella was carved out as a standalone entity
• December 2025: KKR purchased remaining 25.8% stake for $750 million upfront cash
• Revenue sharing: Coty retains rights to 45% of proceeds from any future sale or IPO after KKR's preferred return is met

Advisors: Bank of America and Goldman Sachs are working on the listing, according to sources.

Market Context: The IPO comes amid renewed consumer company activity after several slow years. The beauty sector has demonstrated resilience, with consumers maintaining spending on personal care products. Two consumer companies—an organic children's food company and furniture retailer—are scheduled to go public this week.

Status: Plans remain in early stages and confidential. All parties—KKR, Wella, Bank of America, and Goldman Sachs—declined to comment on the matter.

The potential listing would represent a significant exit opportunity for KKR while capitalizing on favorable conditions in the beauty sector.