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Move gives new CEO time to acclimate herself, according to Bloomberg.
September 10, 2012
By: TOM BRANNA
Editor
Coty won’t enter the stock market after all…at least not this year. The world’s biggest player in the fragrance category filed for a US initial public offering in June, but now Coty is delaying the IPO to give its new CEO, Michele Scannavini, time to look over his new business, according to a report by Bloomberg News. At the time of the filing, Coty had hoped to raise as much as $700 million in the offering, according to Bloomberg. Coty was in the news earlier this year for its attempts to acquire Avon Products. When Avon executives balked, Coty ultimately withdrew its offer.
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