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.
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