Coty To Explore Strategic Options For Professional Beauty Business - Quick Facts

(RTTNews) - Coty Inc. (COTY) said the company is launching a process to explore strategic alternatives for its Professional Beauty business and associated hair brands, as well as the company's Brazilian operations, including a divesture. The company intends to use any potential proceeds to pay down debt and return excess cash directly to shareholders.

Coty noted that there is no change to the company's medium-term guidance of an operating margin of between 14% and 16% by fiscal 2023.

Peter Harf, Chairman of the Board of Coty, said: "This announcement has the full support of the Board, as well as the company's largest shareholder, JAB Holdings."