Coty to seek strategic alternatives for its professional beauty business

Coty inc. (nyse:coty) announced that as part of its ongoing strategic review of its business, management and the board of directors have determined that moving forward the company will focus more intently on its fragrance, cosmetics and skin care businesses. as a result, coty is launching a process to explore strategic alternatives for its professional beauty business and associated hair brands, as well as the company’s brazilian operations, including a divesture. peter harf, chairman of the board of coty and founder and managing partner of jab holdings, said, "this announcement has the full support of the board, as well as the company’s largest shareholder, jab holdings. the strategic review of the professional beauty business aims at finding the best option to realize significant value for coty and its shareholders." coty expects that the proceeds from any potential transaction will be used to pay down debt and return excess cash directly to shareholders.
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