The new business unit will be known as Coty Beauty and is hoped to strengthen the company's strong market presence in the cosmetics industry, whilst creating new global opportunities, particularly focused on the Asian market. Bernd Beetz CEO of Coty stated, "The strategic alignment will challenge the flourishing portfolio to embrace existing brands while simultaneously developing innovative lines that will fuel new levels of achievement for Coty Beauty". The new organisation will be headed by the former president of Coty Beauty Europe, Hans Joachim Honigfort and will bring together the company's strongest brand names with experienced industry bodies that will no doubt aid the company as it aims at 'new levels of achievements'. "Together as one division, Coty Beauty will continue to ignite growth, further globalize our portfolio and strengthen Coty's name in the beauty industry" said Honigfort. Indeed, the Coty Beauty brand is already firmly established in different areas of the globe with its portfolio including high profile fragrances by people such as David and Victoria Beckham, Kylie Minogue, Miss Sixty, Rimmel and Adidas. Last year the company began to focus on its premium cosmetics line, with the launch of the Coty Prestige division, a move that pushed the company further abreast of competitors on the back of growth in premium cosmetics. Such a move is said to be 'partly due to 'the insulation from deflationary effects at the bottom of the market'. Likewise, the company has recently announced the sale of its specialty bath brands, the healing garden and Calgon, to New Jersey-based Ascendia Brands, in a move that is expected to almost double the company's annual turnover and strengthen its lead in the bath category as a whole. The definitive agreement to acquire the brands will cost Ascendia $125m, as well as an additional milestone payment of $20m in subordinated debts to be paid by July 2009.