Coty Inc is delaying the sale of its $US700 million initial public offering to the first half of next year, according to the Financial Times.
The decision to push back the IPO is partly in order to give new chief executive officer Michele Scannavini time to adjust to the role, added with signs of a market slowdown in North America and Europe.
The information has come from three insiders who wish to remain anonymous.
Coty’s intentions to launch a public offering were first made known in June, following six weeks of deal talks with Avon falling through.
It might make more sense for Coty to wait. Do a deal to get larger and get bank financing, then later, when it has a more compelling story and a more fleshed out company strategy, it can go for an IPO,” says Liberum Capital consumer goods analyst Pablo Zuanic.
