Coty exploring options for professional beauty business
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Oct 21 (Reuters) - Coty Inc said on Monday it was exploring strategic options for its professional beauty business that houses brands such as Wella and OPI as it restructures to focus on its fragrance, cosmetics and skin care businesses, sending its shares up 9%.
The company said it was also exploring options for its Brazilian operations and would use the proceeds from any potential transaction to pay down debt and return excess cash to shareholders.
In July, Coty laid out a four-year restructuring plan that involves reducing organizational layers and reorganize the operation into regional units with new business heads. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Anil D'Silva)
