PARIS – Coty Inc. is exploring a dual listing on the Paris Stock Exchange, it said Friday.
The beauty maker is already listed on the New York Stock Exchange.
Coty also said Friday it has extended its longterm partnership with Sue Nabi, Coty chief executive officer. Her renewed compensation agreement is founded on an equity program that runs through 2030.
Coty’s board of directors has authorized the company’s management to explore a listing in Paris. Should it become dually listed, it would “further [strengthen] Coty’s presence in Europe and [provide] an additional vehicle to reach untapped investors in the market,” the company said in a statement. “The structure aligns with Coty’s 100-plus-year heritage in France and its substantial business footprint in Europe.”
“Paris is the historic home of beauty, and the industry still holds a special attraction for investors there,” Peter Harf, Coty’s chairman, commented. “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,” Harf added. “The strength of this performance is testament to Sue’s reputation as one of the beauty industry’s most innovative and talented figures, and the leadership team she has built at Coty.”
Regarding the renewed compensation agreement, Coty said it “includes a significant portion of performance-related shares alongside a performance-related bonus, further aligning all stakeholders’ interest.”
Nabi said Coty is “committed to driving sustainable innovation across fragrance, color cosmetics and skincare as [it rises] to meet the consumer needs of the future, while simultaneously campaigning to change outdated definitions of beauty through the #undefinebeauty campaign.”