Coty Completes First Phase of Share Buyback Program
February 22 2024 - 3:30PM
Business Wire
Today, Coty (NYSE: COTY) (Paris: COTY), one of the world’s
largest beauty companies with a portfolio of iconic brands across
fragrance, color cosmetics, and skin and body care, is pleased to
announce that it has completed the repurchase of 27 million shares
at an attractive price relative to current market price as part of
its share buyback program, announced on June 10th, 2022.
Laurent Mercier, Coty’s Chief Financial Officer, stated, “This
repurchase of shares demonstrates Coty’s commitment to gradually
return value to shareholders and is a decisive step forward in
reducing our outstanding share count to approximately 800 million
shares while we continue our disciplined deleveraging trajectory
toward approximately 2x by calendar year end 2025.”
About Coty Inc. Founded in Paris in 1904, Coty is one of
the world’s largest beauty companies with a portfolio of iconic
brands across fragrance, color cosmetics, and skin and body care.
We serve consumers around the world, selling prestige and mass
market products in more than 125 countries and territories. Coty
and our brands empower people to express themselves freely,
creating their own visions of beauty; and we are committed to
protecting the planet. Learn more at coty.com or on LinkedIn and
Instagram.
Forward Looking Statements This press release includes
certain statements that may be deemed to be “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 and are intended to be covered by the safe
harbor provisions thereof. All statements, other than statements of
historical facts, included in this press release that address
activities, events or developments that we expect, believe or
anticipate will or may occur in the future, are forward-looking
statements. Forward-looking statements are not guarantees of future
performance and actual results or developments may differ
materially, and we caution you not to place undue reliance on such
statements. Forward-looking statements are generally identifiable
by words or phrases, such as “anticipate”, “are going to”,
“estimate”, “plan”, “project”, “expect”, “believe”, “intend”,
“foresee”, “forecast”, “will”, “may”, “should”, “outlook”,
“continue”, “temporary”, “target”, “aim”, “potential”, “goal” and
similar words or phrases.
Forward-looking statements contained in this press release are
based on certain assumptions and estimates that we consider
reasonable, but are subject to a number of risks and uncertainties,
many of which are beyond our control, which could cause actual
events or results (including our financial condition, results of
operations, cash flows and prospects) to differ materially from
such statements. Factors and risks to our business that could cause
actual results to differ from those contained in the
forward-looking statements include the risks and uncertainties
described in our filings with the Securities and Exchange
Commission. These forward-looking statements are made only as of
the date of this release, and Coty does not undertake any
obligation, other than as may be required by applicable law, to
update or revise any forward-looking or cautionary statements to
reflect changes in assumptions, the occurrence of events,
unanticipated or otherwise, or changes in future operating results
over time or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20240222187642/en/
For more information:
Investor Relations Olga
Levinzon, +1 212 389-7733 olga_levinzon@cotyinc.com
Media Antonia
Werther, +31 621 394495 antonia_werther@cotyinc.com
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