Coty Shares Surge on Report Company Looking to Sell Off Units
Shares of Coty Inc. jumped following a report the embattled cosmetics and perfume company is contemplating splitting up the business.
The stock rose as much as 13 percent after Women's Wear Daily said the company is in the early stages of a sale process, citing 'multiple industry sources' it didn't identify.
Coty's shares declined 32 percent this year through the close Friday, worse than performance of competitors and major equity indexes.
WWD reported Coty is considering the sale of its luxury and consumer divisions in separate pieces, with Interparfums Inc. interested in its high-end fragrance brands Burberry and Hugo Boss.
Coty didn't immediately respond to a request for comment. Interparfums didn't immediately provide a comment.
Coty's sales have declined for two consecutive quarters as shoppers in North America and Asia pull back. Analysts are projecting total sales will fall 12 percent in the current quarter.
The mass-market unit, which includes brands such as Covergirl, appears to be attracting less interest amid a slowdown in beauty spending in Asia and trade tensions, according to WWD.
By Redd Brown
Learn more:
Coty to Cut 700 Jobs As Part of Cost-Saving Initiative
The American beauty conglomerate announced on Thursday that a newly enhanced cost-saving programme will cull 700 jobs across the globe, around 5 percent of its workforce.
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