Coty announced that moving forward the company will focus more on its fragrances, cosmetics and skin care businesses. As a result, Coty is launching a process to explore strategic alternatives for its Professional Beauty business and associated hair brands, as well as, the company’s Brazilian operations, including a divesture. The company expects that the proceeds from any potential transaction will be used to pay down debts and return excess cash directly to shareholders. Pierre Laubies, CEO, Coty said, “The Professional Beauty teams have done an incredible job over the past three years in creating a strong business platform, putting us in a favourable position to find the best owner for that business, while unlocking significant value for Coty shareholders and allowing us to further grow our core remaining businesses”.