Already listed on the New York Stock Exchange, the U.S. cosmetics maker is considering a second listing in Paris, with the aim of strengthening its presence in Europe and attracting new investors.
According to the group; such a decision would be consistent with Coty’s 100+ year heritage in France and its substantial business footprint in Europe.
If the company initiates a listing process on the Paris Stock Exchange, Coty Inc. would become a dual listed company on the New York Stock Exchange and on the Paris Stock Exchange.
Luxury and beauty groups today play a preponderant role in the Parisian stock market. LVMH, Kering, Hermès and L’Oréal currently reach a cumulative market value close to 1,000 billion euros, representing almost 40% of the CAC 40, the stock market’s flagship index.
“Paris is the historic home of beauty, and the industry still holds a special attraction for investors there,” said Peter Harf, Coty’s Chairman.
In support of this move, Coty also highlights the results obtained since the appointment of Sue Y. Nabi as CEO in September 2020, which have been reflected in the “quadrupling of the group’s market capitalization.”
“The Board’s interest in exploring a potential listing on the Paris Stock Exchange has been made possible thanks to the progress Coty has made under Sue’s leadership. We have seen consistent growth over the last 10 quarters, in line with or ahead of market expectations, underpinned by targeted investment, disciplined cost controls and a clear debt reduction program,” added Peter Harf.