Coty Says Profit Rises, Gives Details on P&G Beauty Merger
“Coty Inc. reported Thursday its first-quarter profit soared, helped by a one-off tax benefit, and provided more details on the financing and organizational structure for its merger with Procter & Gamble Co. ’s beauty brands. The beauty-products maker said it has transferred 10 out of 12 fragrance licenses, putting it on track to close the deal in the second half of 2016. Coty said its business will be reorganized around three divisions: luxury, consumer beauty and professional beauty. It will also launch a growth and digital department focused on top-line growth.” Read more at Nasdaq.com.