Fragrance seller Coty to delay $700 mln IPO to 2013 - FT
Sept 10 |
Sept 10 (Reuters) - Coty Inc, a seller of perfumes under Calvin Klein, Davidoff and Chloe brands, has pushed the date of its $700 million initial public offering to the first half of 2013, the Financial Times reported, citing people familiar with its plans.
Europe's debt crisis and a weak domestic economic recovery have prompted many companies to delay their IPOs until market volatility eases.
Coty filed documents with U.S. regulators in June seeking to raise funds in the equity market.
The decision to delay the IPO comes a little over a month after the company selected Michele Scannavini as its chief executive.
Coty, founded in Paris in 1904 by Francois Coty, is majority owned by Joh A Benckiser, the investment vehicle for the billionaire Reimann family of Germany.
The company could not be reached for comment outside of regular business hours.
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