“The coronavirus-induced closure of stores and parlors hammered demand for [Coty’s] beauty products” in the fourth quarter.
The investment is the first step toward a broader deal under which KKR would acquire 60% of Coty's professional beauty and hair care business.
The ailing beauty company is buying a majority stake in startup Kylie Cosmetics as it seeks to appeal to a younger demographic.
The possible sale would deleverage Coty’s balance sheet and “improve [its] ability to invest in areas with the greatest growth potential.”
After a difficult stretch, the cosmetics maker will overhaul its operations and take a $3 billion write-down.
United Airlines, Hertz, Uber, Lowe's, Coty, 99 Cents Only Stores, Superior Group, IAP Worldwide, Dorman Products, Parexel
The deal opens up a new beauty products distribution channel for Coty as it seeks to reduce its dependence on fragrances.
Procter & Gamble washes its hands of its salon professional, retail hair color, cosmetics, and fine fragrances lines of business.
Office Depot, Hertz, Coty, Arctic Cat, Covanta Holding, Fusion-io, Mettler-Toledo, Chobani, Berry Plastics, Hill-Rom Holdings
