The beauty conglomerate announced yesterday plans to sell its Professional Beauty business, which includes brands such as Wella, Clairol or OPI, as well as the company’s Brazilian operations. Coty said it wants to focus more intently on its fragrance, cosmetics and skin care businesses.
“Today’s announcement accelerates [our] transformation and will help reposition Coty as a more focused and agile company, deleverage our balance sheet, and improve our ability to invest in areas with the greatest growth potential,” said Pierre Laubies, Chief Executive Officer of Coty, in a statement.
The businesses under this strategic review are expected to generate net revenues of approximately US$2.7 billion in fiscal year 2019.
Coty has met some difficulties in integrating the assets of its recent acquisitions, including those related to the take-over of Procter & Gamble’s beauty businesses in 2015.
