Coty, which has a market value of $9 billion and is majority owned by German conglomerate JAB Holdings, is expected to kick off an auction process in December. Consumer goods giants Unilever, Henkel and buyout funds, including Advent and Cinven are exploring bids for some of Coty’s top beauty brands in a deal worth up to $7 billion. The deal appeals to both industry behemoths and private equity funds for the turnaround potential of the brands whose sales have been on a downward trajectory in the last four quarters.