Weekly News

Coty Feels Strain of $12 Billion Bet on P&G Beauty Business

August 21,2018 22:19

Coty CEO Camillo Pane blamed problems with the former P&G business on the drawn-out acquisition—the deal took 16 months to close after being announced—and said the brands were in worse condition than Coty anticipated when it agreed to buy them.and more »

Nearly two years after Coty Inc. paid $12 billion to acquire Procter & Gamble Co.’s beauty business, the deal remains a drag on the struggling beauty giant.
Weak performance of former P&G brands, including names like CoverGirl makeup and Clairol hair dye, drove down sales in the most recent quarter, Coty said Tuesday. A trucker strike in Brazil also contributed to a loss of $181.3 million, or 24 cents a share, compared with a loss of $304.8 million a year ago.

coty,covergirl,earnings,makeup,Coty,COTY,Procter &, Gamble,PG,Camillo Pane,financial performance,earnings,sales figures,ownership changes,acquisitions,mergers,shareholdings,marketing,corporate actions,branding,corporate,industrial news,cosmetics,toiletries,skin care products,consumer goods,make-up products,personal care products,appliances

Share this article

Related videos

G2Voice #085 How was MMS discovered and the History of the Genesis II Church
G2Voice #085 How was MMS discovered and the His...
Panel Two - Energy Symposium 2018
Panel Two - Energy Symposium 2018