By Abigail Summerville
Dec 3 (Reuters) - Citigroup C.N has hired Kelly McPhilliamy as the bank's head of health and beauty to expand its global consumer and retail investment banking group, according to a memo seen by Reuters on Wednesday. A Citi spokesperson confirmed the contents.
THE PEOPLE
McPhilliamy will start in January and report to Stacia Ryan, Citi's head of global consumer and retail investment banking.
She has over 25 years of experience covering the health and beauty sector, most recently at Harris Williams.
She has also held roles at Wells Fargo, Morgan Stanley and Merrill Lynch.
McPhilliamy has advised hygiene brand DUDE Wipes on a growth investment from private equity firm TSG Consumer Partners, haircare company Tangle Teezer on its sale to BIC BICP.PA, Colgate-Palmolive CL.N on its acquisition of sunscreen brand EltaMD, and Ulta Beauty’s ULTA.O initial public offering.
THE CONTEXT
So far this year, there have been several blockbuster health and beauty deals.
L'Oreal OREP.PA reached a $4.7 billion agreement to buy Gucci owner Kering's PRTP.PA beauty business.
Kimberly-Clark KMB.O made a nearly $50 billion deal to acquire Tylenol and Band-Aid maker Kenvue KVUE.N.
Elf Beauty ELF.N acquired Hailey Bieber's makeup brand Rhode.
(Reporting by Abigail Summerville in New York; Editing by Lisa Shumaker)
((abigail.summerville@thomsonreuters.com))