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Coty appoints a new manager and sells its hair products

Coty appoints a new manager and sells its hair products

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Yesterday, Monday, the American cosmetics manufacturer appointed Peter Harf as its chief executive officer. The signing of the sale of a majority stake in its beauty and hairdressing business was also signed with the investment fund KKR.

 

The appointment of Peter Harf, Founder and Partner of JAB Investors, marks the fourth change of Chief Executive Officer of the company in less than four years.

 

He succeeds Pierre Laubies, who resigned after less than two years at the head of the US group.

 

The boss of the luxury brand Jimmy Choo, Pierre Denis, the initial replacement for Pierre Laubies, will not finally take over the management of Coty and has resigned from the board of directors.

 

In addition, the American group has also just announced the signing of an agreement with the American investment fund KKR, with a view to selling a majority stake in its hair products business, including the Wella, Clairol and OPI brands.

 

The transaction values the relevant assets of the group at $4.3 billion and KKR will thus hold 60% of the assets.

 

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Coty’s action took 6% in trading before Wall Street opened.

 

 

Read also > L’ORÉAL CANCEKS DIVIDEND INCREASE AND LAUNCHES €150M SOCIAL AND ENVRIONMENTAL FUND TO SUPPORT CORONAVIRUS RESPONSE

 

Featured photo : © Balenciaga

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