Coty might sell some of the beauty brands it bought in 2015 from Procter & Gamble. That would make the firm easier to manage and reduce its debt pile. But the U-turn by the company makes its long-term strategy harder to decipher, writes rob_cyran.
Coty said on Oct. 21 it is examining strategic options, including a sale, for its Professional Beauty business, as well as its Brazilian operations. The company will use proceeds to reduce debt and return excess cash to shareholders. The unit, which includes the Wella and Clairol brands, had sales of $1.8 billion in the company’s last fiscal year.
Coty agreed to buy Procter & Gamble brands including Wella, Covergirl and Max Factor in 2015 for $12.5 billion. Earlier this year, JAB, the Luxembourg-based holding company of Germany’s Reimann family, increased its ownership stake in Coty from 40% to 60%. It paid $11.65 per share.
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