NEW YORK, June 3, 2014 /PRNewswire/ -- Coty Inc.
(NYSE: COTY) today announced that its Board of Directors has
approved an additional $200 million
share repurchase authorization of its Class A common stock. With
this authorization and the $100
million remaining under the already existing stock
repurchase authorization, the company's total current share
repurchase authorization is $300
million.
"Our focus has remained on returning capital to our shareholders
through share repurchases and dividends while continuing to invest
in our business. Our strong financial position and operating cash
flow enabled us to increase the size of our share repurchase
program. Today's announcement builds upon our continuing commitment
to our shareholders," stated Patrice de Talhouet, Coty
CFO.
Repurchases will be made from time to time at the company's
discretion, based on ongoing assessments of the capital needs of
the business, the market price of its common stock, and general
market conditions. No time has been set for the completion of the
repurchase program, and the program may be suspended or
discontinued at any time. The repurchase program authorizes the
company to purchase its common stock from time to time through open
market purchases, negotiated transactions or other means, including
10b5-1 trading plans in accordance with applicable securities laws
and other restrictions.
About Coty Inc.
Coty is a leading global beauty
company with net revenues of $4.6
billion for the fiscal year ended June 30, 2013. Founded in Paris in 1904, Coty is a pure play beauty
company with a portfolio of well-known fragrances, color cosmetics
and skin & body care products sold in over 130 countries and
territories. Coty's product offerings include such global brands as
adidas, Calvin Klein, Chloe,
Davidoff, Marc Jacobs, OPI,
philosophy, Playboy, Rimmel and Sally Hansen.
SOURCE Coty Inc.