May 5, 2023
Coty Inc said on Friday it would explore a listing on the Paris Stock Exchange as the CoverGirl cosmetics maker looks to strengthen its presence in Europe and tap into new investors in the market.
Founded in Paris in 1904, Coty counts Europe as a substantial market, with net revenues from the EMEA region making up about 47% of the company’s total sales in its most recent quarter.
Coty, also known for fragrances from the Hugo Boss, Gucci and Burberry brands, had in March maintained its annual profit forecast and projected core like-for-like sales growth for the full year at the higher end of its prior guidance of 6-8%.
The company is set to report its fiscal third quarter earnings next week, following a dismal fiscal 2023 forecast from rival Estee Lauder Cos Inc earlier this week on slow recovery at duty-free and travel destinations, especially in Asia.
© Thomson Reuters 2023 All rights reserved.