COTY GAINS LICENSES FOR 10 P&G FRAGRANCES
Global beauty company Coty Inc. has confirmed that 10 Procter & Gamble fragrance licenses will transfer to the company upon regulatory approval and completion of the merger transaction, including Hugo Boss, Gucci, Lacoste, Bruno Banani, Escada, Mexx, James Bond, Gabriela Sabatini, Stella McCartney and Alexander McQueen. The licensors of the Dolce & Gabbana and Christina Aguilera Perfumes licenses did not provide their consent within the specified timetable, and will not transfer upon completion of the merger.
As per the transaction agreement, the assumed debt from the P&G Specialty Beauty Business will be adjusted downward to reflect the fact that ten out of the twelve available licenses, subject to regulatory approval. Coty continues to anticipate a closure of the transaction in the second half of calendar 2016.
Founded in Paris in 1904, Coty’s portfolio of well-known fragrances, color cosmetics and skin & body care products are sold in over 130 countries and territories and gained net revenues of $4.4 billion for the fiscal year ending June 30, 2015.
