CoverGirl cosmetics parent Coty is moving forward with its plan to list on the Paris Stock Exchange which could take place as soon as the coming weeks, Bloomberg News has reported, citing people with knowledge of the matter.
The company has brought on BNP Paribas and Citigroup to work on the deal and is considering raising fresh capital from the listing, the report said.
Coty is aiming to formally announce details of the plans as soon as the next few days and a listing could follow shortly afterward, according to the report.
Coty declined to comment on the report.
The cosmetics and fragrance maker said in May it would explore a listing on the Paris Stock Exchange in a bid to bolster its presence in Europe and tap into new investors in the market.
Sales Forecast
Earlier this week, the company raised its annual core sales forecast boosted by higher prices and strong demand, particularly in its high-end segment that houses cosmetics and fragrances from brands such as Hugo Boss, Gucci and Burberry.
Even though inflation has dented sales of higher-margin goods, the beauty industry has seen a boost from people prioritising spending on smaller luxuries like makeup and perfume, keeping the post-pandemic rebound alive.
Coty now expects fiscal 2024 core like-for-like (LFL) sales growth between 8% and 10%, up from its earlier outlook of LFL growth being at the top end of its target range of 6% to 8%.
However, in August, the company forecast annual profit below Wall Street estimates, on a likely hit from steeper input expenses in the first half of the year and said it would raise product prices as it battles higher costs and a strong dollar.
