Coty, a French-born but US-listed company, plans to launch a global offering of 33 million shares, the proceeds of which will be used to reduce its debt. BNP Paribas, Crédit Agricole Corporate and Investment Bank, Citigroup and Santander acted as joint lead managers for the listing. The price has not yet been specified.

Paris, the heart of luxury

In May, the manufacturer of cosmetics and perfumes, which was founded in Paris in 1904, said it would study the possibility of of a dual listing in the French capital, as it seeks to expand in the European region that is home to many luxury companies, including LVMH and L'Oréal.

Last week, Coty raised its annual sales forecast thanks to price increases and strong demand, particularly for products in the high-end segment, which includes make-up and fragrances from brands such as Hugo Boss, Gucci and Burberry.

Acceleration after the pandemic

The company benefited from the post-pandemic boom in beauty products, with customers indulging in small luxuries such as perfumes and cosmetics, even as galloping inflation reduced spending on discretionary products worldwide.

In July, Coty CEO Sue Nabi said the company was exploring the possibility of a Paris listing, as she believed there were many investors in Europe keen to invest in the company. Coty generates around 45% of its annual net sales in Europe, the Middle East and Africa.