REUTERS: Coty Inc is exploring the sale of its business unit that houses hair and nail care brands such as Wella, Clairol and OPI as part of its plan to whittle down its portfolio and cut debt, sending its shares up nearly 14per cent on Monday.
"Coty is the No. 2 player in the global professional hair business, which has high consumer loyalty and should be an attractive business to a potential buyer," Wells Fargo analyst Joe Lachky said. Coty's professional beauty unit, which primarily sells hair and nail care products to salon professionals, raked in about US$1.81 billion in annual sales and accounted for about 21per cent of its total revenue." accelerates this transformation and will help ... deleverage our balance sheet, and improve our ability to invest in areas with the greatest growth potential," Chief executive Officer Pierre Laubies said.
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