THE WHAT? Coty has announced that its Board of Directors has given the green light to the company’s management to explore a listing on the Paris Stock Exchange. If the plan goes ahead, the US beauty behemoth would become a dual-listed company on the New York Stock Exchange and Paris Stock Exchange.
THE DETAILS The Board has also announced an extension of its partnership with CEO Sue Y Nabi. Nabi’s renewed compensation agreement has been tied to a long-term equity program which runs through 2030.
“As a long-term shareholder in the company, I am grateful to the Board for their continued support and trust, and delighted to have the opportunity of leading Coty through this next chapter of growth and value creation,” Nabi said in a statement. “We are committed to driving sustainable innovation across fragrance, color cosmetics and skin care as we rise to meet the consumer needs of the future, while simultaneously campaigning to change outdated definitions of beauty through the #undefinebeauty campaign.”
THE WHY? A Paris listing would further strengthen Coty’s presence in Europe and provide an additional vehicle to reach untapped investors, Coty said.