Coty explores sale of professional beauty unit
The cosmetics company has felt pressure to make a change after $3bn writedown of some mass-market brands
21 October 2019 - 17:55
London — Coty, under pressure to turn its business around, is considering a sale of its professional hair and nail products unit that includes the brands Wella, Clairol and OPI. The shares surged the most in more than five months.
The cosmetics company hired Credit Suisse to help it explore options for the professional business, which sells to salons and is expected to make $2.7bn in sales in 2019. It is also looking at a sale of its Brazilian operations, and expects a review to be completed by next July, according to a statement Monday...
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