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By
Reuters
Published
Sep 12, 2012
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Fragrance seller Coty to delay $700 million IPO to 2013

By
Reuters
Published
Sep 12, 2012

Coty Inc COTY.UL, 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.

(Reporting by Tej Sapru in Bangalore; Editing by Ryan Woo)

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