In the after-market, COTY stock plunged by -2.11% to the price traded at $8.81 at the time of writing. COTY stock dropped -1.42% to close at $9.00 on Friday’s session. The COTY stock volume traded Friday was 6.28 million shares, which was lower than the average daily volume of 12.55 million shares for the past 90 days. In the past week, the shares have moved up by 3.81%. In the last 12 months, COTY stock price rose by 57.34%. Over the past three months and the past six months, the stock rose by 25.52%, and 169.46% respectively. Furthermore, Coty Inc. is currently valued at 7.00 billion has 764.60 million outstanding shares.
Coty Inc. partners with premium and luxurious brands
Coty Inc. is a global beauty conglomerate that specifically manufactures, commercializes, and sells beauty and cosmetic products worldwide. It was founded in 1904 and the headquarters is in New York. COTY stock does its operations along with its subsidiaries and sells premium and elite skin-care and cosmetic products. The conglomerate provides these products to high-class and major retailers, e-commerce companies, perfumeries, and department stores.
Coty has worked with prestigious brands like that of Biocolor, 007 James Bond, Beckham, Bozzano, Enrique, Adidas, Stetson, Monange, Sally Hansen, Hugo Boss, Gucci, Calvin Klein, Davidoff, Lacoste, Kylie Jenner, Cover Girl, and Bruno Banani to sell primarily the fragrance, skincare, color cosmetics and body products. Coty also has third-party distributors through whom it sells its products. The total number of countries to whom it sells its products is 150.
Coty Inc. secures offer of $900 million for senior secured notes
On 17th April 2021, COTY stock announced that it is pricing senior secured notes for the value of $900 million. The 5.000% senior secured notes are to be due till the year 2026. The exchange will happen as Coty will provide the offering of the Notes and for receiving gross proceed of $900 million. The net proceeds were previously announced by COTY stock to be $750 million, which has now been upsized. The offering will close on 21 April 2021 as is expected.
The main focus of Coty with the gross proceeds once it secures it from the offering is to repay the outstanding loan terms partially and to cover up any related expenses and premiums. The senior secured notes will be obligations of Coty and therefore will have the same obligatory basis with the subsidiaries of Coty. The senior secured notes are not registered under the Securities Act of 1933 or any state-related laws and are given based on Rule 144A to reliant and qualified institutional buyers.
Kim Kardashian and KanyeWest ‘s relationship can effect Coty and Skims
In different news related to Coty Inc., the conglomerate had purchased a 20% stake in Skims which is Kim Kardashian’s $1.6 billion loungewear and shape-wear company. Kim Kardashian has 72% ownership of the company, however the recent news of split-up and filing for divorce of the famous Kim Kardashian and Kanye West couple may have an effect on the company and indirectly the COTY stock.
