Coty’s Professional beauty business seems to be attracting buyer interest.
“We have launched a strategic preview, and its very early days because it was only two weeks ago but we have received so far multiple and strong marks of interest,” Pierre Andre Terisse told WWD in an early-morning interview on Wednesday, after the company released its financial results for the first fiscal quarter.
“These assets are extremely valuable and attractive and therefore we’ve seen a lot of interest from different people – I will not comment further,” Terisse said. “This business has been managed well and we have been able to protect and to develop the business.”
Coty hired Credit Suisse in October to explore alternatives for the Professional division, with the intention to focus on fragrance and cosmetics.
Broadly, for the quarter, Coty’s net sales declined, but earnings were up.
“These are pretty healthy trends, not, again, where we want to be, but it’s going in the right direction,” said Terisse.
Net sales at Coty fell 4.4 percent, to $1.9 billion in the quarter, dragged down by the performance of the Consumer division. Net income was $52.3 million, up from $12.1 million in the prior-year period. The gain was driven by the Younique divestiture, which was
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