By Abigail Summerville and Amy-Jo Crowley
Feb 3 ((Reuters)) – Investment firm KKR is preparing OPI nail polish owner Wella Company for an initial public offering in the U.S. as soon as this year that could value the global beauty company at meaningfully more than the $4.3 billion KKR paid for it, according to sources familiar with the matter.
Wella Company, which also owns Wella hair products, has been working with investment banks including Bank of America and Goldman Sachs for the listing, the sources said, requesting anonymity as the matter is private and in the early stages.
KKR, Wella, Bank of America and Goldman Sachs declined to comment.
Consumer companies are optimistic for an IPO window after a few slow years. At least two are on tap to go public later this week: organic children’s food company Once Upon a Farm and furniture retailer Bob’s Discount Furniture. The backdrop for beauty has remained resilient, with consumers continuing to spend on personal care products.
Global investment firm KKR initially acquired a 60% stake in Wella from beauty conglomerate Coty in 2020, when Wella was carved out into a standalone company, valuing the business at $4.3 billion, including debt.
KKR increased its ownership over the following years, and in December 2025 it bought the remaining 25.8% of Wella for an upfront cash consideration of $750 million.
At the time, Coty said it would receive 45% of any proceeds from a further sale or an initial public offering of Wella, after KKR’s preferred return has been met.
Wella owns several other professional and consumer haircare brands including Briogeo, ghd and Clairol. The company, which employs over 6,000 people, has primary offices in Geneva, Switzerland, New York City, London, and Calabasas, California, with a large R&D facility in Darmstadt, Germany.
(Reporting by Abigail Summerville in New York and Amy-Jo Crowley in London, Editing by Echo Wang and Nick Zieminski)
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