Coty Inc., the US-based beauty and fragrance company, is forging ahead with its plans for a potential share sale in Paris, as it aims to raise fresh capital through the listing. To facilitate this process, Coty has enlisted the assistance of BNP Paribas SA and Citigroup Inc. to work on the deal. While specific details of the listing have not been disclosed yet, formal announcements are expected to be made in the near future.

This move comes as Coty aims to broaden its investor base and strengthen its presence in the European market. By pursuing a listing in Paris, often referred to as the “historic home of beauty,” the company believes it can derive substantial advantages. However, it is important to note that the plans are still subject to market conditions and may be subject to change. Coty has chosen not to provide any further comments regarding the share sale at this time.

Coty has recently revised its sales outlook for the current fiscal year, attributing the change to the strong demand for its high-end fragrances, particularly the newly launched “Burberry Goddess.” The company now expects a like-for-like sales growth of 8% to 10% for the fiscal year that commenced in July, surpassing its previous forecast of 6% to 8%. Additionally, Coty anticipates a further acceleration in sales during the first half of the fiscal year.

Overall, Coty’s decision to pursue a share sale in Paris underscores its commitment to expansion and growth. By exploring new investor opportunities and bolstering its presence in the beauty industry, Coty aims to solidify its position and tap into the potential benefits that a Paris listing can offer.

Useful links:

1. Bloomberg article on Coty’s proposed Paris share sale

2. Reuters article on Coty’s plans for a Paris listing