NEW YORK--(BUSINESS WIRE)--Aug. 13, 2015--
Coty
Inc. (NYSE:COTY) today announced that its Board of Directors has
approved a $700 million share repurchase authorization of its Class A
common stock. This authorization includes any amounts remaining under
the existing stock repurchase authorization.
“We continue to remain focused on returning capital to our shareholders
through share repurchases and dividends while continuing to invest in
our business. Our strong financial position and operating cash flow
enabled us to continue with, and increase the size of, our share
repurchase program. Today's announcement builds upon our continuing
commitment to our shareholders,” stated Patrice de Talhouët, Coty
Executive Vice President and Chief Financial Officer.
Repurchases will be made from time to time at the Company’s discretion,
based on ongoing assessments of the capital needs of the business, the
market price of its common stock, and general market conditions. No time
has been set for the completion of the repurchase program, and the
program may be suspended or discontinued at any time. The repurchase
program authorizes the Company to purchase its common stock from time to
time through open market purchases, negotiated transactions or other
means, including 10b5-1 trading plans in accordance with applicable
securities laws and other restrictions.
In addition, JAB Cosmetics B.V., Coty's largest shareholder, has advised
the Company that it intends to purchase approximately 6 million Class A
shares in the open market.
About Coty Inc.
Coty is a leading global beauty company with net revenues of $4.4
billion for the fiscal year ended June 30, 2015. Founded in Paris in
1904, Coty is a pure play beauty company with a portfolio of well-known
fragrances, color cosmetics and skin & body care products sold in over
130 countries and territories. Coty’s product offerings include such
power brands as adidas, Calvin Klein, Chloé, Davidoff, Marc Jacobs,
OPI, philosophy, Playboy, Rimmel and Sally Hansen.
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Source: Coty Inc.
Coty Inc.
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