Coty considers dual listing, extends CEO partnership

Daniel Grieder, CEO of Hugo Boss and Sue Y. Nabi, CEO of Coty. Image: Hugo Boss Beauty and cosmetics giant Coty has revealed that it is exploring a dual listing on the Paris Stock Exchange (PAR) as it looks to strengthen its presence in the European market. If the company goes ahead with the listing process, it will add to its already long-standing place on the New York Stock Exchange (NYSE) and would allow for it to reach further untapped investors, as noted in a regulatory filing. The possibility of a listing also links into the group’s over a century heritage in France, as well as its business footprint in Europe. Speaking on the plan, Peter Harf, Coty’s chairman, underlined the importance of Paris as a beauty destination and attraction for investors. Harf added: “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 programme.” It would be a significant move under CEO Sue Nabi, who initially took on the head position in November 2021, and has since made a series of changes to the company in order to reclaim its status. According to Coty, Nabi had led the acceleration of its skincare categories, built up its business in China and returned many of the group’s heritage brands – namely that of Bourjois, Rimmel and CoverGirl – to growth. Coty and CEO secure long-term equity programme The firm said that due to these implementations it was now financially stronger, with a free cash flow of over 400 million dollars in Fy23. In light of this achievement, Coty’s board further announced the extension of its partnership with Nabi, anchoring her in on a long-term equity programme running until 2030. The agreement covers a “significant portion” of performance related shares next to a performance related bonus. Nabi said: “As a long-term shareholder in the company, I am grateful to the board for their continued support and trust, and delighted to have the opportunity of leading Coty through this next chapter of growth and value creation. “We are committed to driving sustainable innovation across fragrance, colour cosmetics and skincare as we rise to meet the consumer needs of the future, while simultaneously campaigning to change outdated definitions of beauty through the #undefinebeauty campaign.”
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