Shares in the US perfume and beauty products group Coty began trading on Euronext Paris on Thursday. The company is looking to expand its investor base in a marketplace already very familiar with the luxury industry.
On this occasion, Coty issued 33 million new shares offered “to the public in the United States” and on a private placement basis outside of the United States, including in the European Economic Area, said the group, already listed on the New York Stock Exchange since 2013.
The Paris exchange is home to three of the world’s largest luxury groups – LVMH, Hermes and Kering – and also beauty giant L’Oréal.
“We are delighted to have completed our listing on Euronext Paris. Being traded in the heart of the luxury and beauty industries provides European investors the opportunity to join our accelerating growth trajectory. On the eve of our 120th Anniversary, this dual listing honors Coty’s unique heritage. We have returned to our Parisian roots to mark the next chapter in Coty’s ambitions of unleashing every vision of beauty,” said Sue Nabi, Chief Executive Officer of Coty.
Operating in 125 countries, the U.S. cosmetics giant generates a third of its sales in Europe, where it has half of its 11,000 employees.