US cosmetics group Coty has made its much-anticipated debut on the Paris stock exchange, marking its expansion into the European market. The company successfully sold 33 million shares at a price of €10.45 each, resulting in a total capital raise of €339 million ($358 million). This strategic decision allows Coty to tap into the vast investor pool on the European continent.

The Paris stock exchange, known for hosting some of the world’s largest luxury groups including LVMH, Hermes, Kering, and beauty giant L’Oreal, provides an ideal platform for Coty’s expansion. Coty, recognized for its extensive range of fragrances and skincare products, is well-known for producing items under license for renowned fashion houses such as Burberry, Hugo Boss, Chloe, Gucci, and Marc Jacobs.

Interestingly, this move signifies a notable return to Coty’s roots, as the company was originally founded in Paris in 1904 by perfume maker Francois Coty. However, it was later acquired by US pharmaceutical group Pfizer in the 1960s and has been majority-owned by JAB since the 1990s.

The decision to pursue a dual share listing is intended to attract European investors with mandates to invest in companies listed in Europe. Laurent Mercier, Coty’s financial director, emphasized that this move would broaden the investor base and meet the investment criteria of European institutions. Currently, Coty operates in 125 countries, generating a significant portion of its sales revenue from Europe and employing around 11,000 individuals, half of whom are based in the region.

Despite its initial performance on the Paris stock exchange, with shares closing slightly lower at €10.39, this step marks a significant milestone for Coty. It represents the company’s continued expansion and the opportunity to reach a wider audience of potential investors in the highly lucrative European market.

Useful links:
1. [Paris Stock Exchange](https://www.euronext.com/en/markets/paris)
2. [Coty Official Website](https://www.coty.com/)