Agenda-setting intelligence, analysis and advice for the global fashion community.
The New York-based parent of CoverGirl and Kylie Cosmetics made its debut on the Paris Stock Exchange today, offering 33 million common shares at €10.28 ($10.80).
Coty, which was founded in Paris in 1904, announced it was exploring a dual listing to strengthen its position in Europe and reach investors in the region in May. Proceeds from the offering will be used to lower debt — a long-term goal for Coty following its purchase of a number of Procter & Gamble beauty brands in 2016. In June, the company ended the 2023 financial year with $4 billion in debt, down from nearly $9 billion in 2020.
BNP Paribas, Crédit Agricole Corporate and Investment Bank, Citigroup and Santander are acting as joint coordinators and agents for the listing.
Learn more:
ADVERTISEMENT
Why Coty Sees Its Future in France
The New York-based beauty conglomerate is exploring a dual listing on the Paris Stock Exchange, citing access to new investors and a desire to shore up its French heritage. What a listing’s structure and benefits would look like remain to be seen.
