Beauty
Coty Considering Sale of Its Professional Hair and Nail Units
- Company’s largest shareholder JAB supports the decision
- Coty also looking at possible sale of Brazilian operations
Nail Polish
Photographer: lightkey/E+ via Getty Images
Coty Inc., under pressure to turn its business around, is considering a sale of its professional hair and nail products unit that includes the brands Wella, Clairol and OPI. The shares surged the most in more than five months.
The cosmetics company hired Credit Suisse to help it explore options for the professional business, which sells to salons and is expected to make $2.7 billion in sales this year. It’s also looking at a sale of its Brazilian operations, and expects a review to be completed by next summer, according to a statement Monday.