Beauty Packaging Staff11.18.20
After a series of moves this year, Coty chairman Peter Harf says he likes what he sees at the gobal beauty and fragrance company.
According to a filing with the US Securities and Exchange Commission, Harf reached a deal to buy $150 million of Coty stock from KKR, the private equity firm that had taken a stake in the business in connection with a deal for the Professional division. The purchase increases Harf’s stake in Coty to about 4.6%, the filing said. Harf is also the chairman of Coty majority owner JAB, which owns about 60% of the business.
The purchase is a show of support for Coty after a challenging year caused by the coronavirus pandemic. Coty’s stock price jumped almost 9% Monday on the news, to $5.22.
“I put my money where my mouth is. I believe in Coty and I believe in Sue [Nabi] and I am investing my own money into this company,” Harf said in an interview with Bloomberg.
Earlier this year, Coty reached an agreement to sell a majority stake in brands like Wella, OPI and Clairol to KKR. The deal is expected to close at the end of the month. In personnel moves, Harf hired beauty industry veteran Sue Nabi as Coty CEO.
According to a filing with the US Securities and Exchange Commission, Harf reached a deal to buy $150 million of Coty stock from KKR, the private equity firm that had taken a stake in the business in connection with a deal for the Professional division. The purchase increases Harf’s stake in Coty to about 4.6%, the filing said. Harf is also the chairman of Coty majority owner JAB, which owns about 60% of the business.
The purchase is a show of support for Coty after a challenging year caused by the coronavirus pandemic. Coty’s stock price jumped almost 9% Monday on the news, to $5.22.
“I put my money where my mouth is. I believe in Coty and I believe in Sue [Nabi] and I am investing my own money into this company,” Harf said in an interview with Bloomberg.
Earlier this year, Coty reached an agreement to sell a majority stake in brands like Wella, OPI and Clairol to KKR. The deal is expected to close at the end of the month. In personnel moves, Harf hired beauty industry veteran Sue Nabi as Coty CEO.
