US cosmetics group Coty debuts Paris stock trading

Shares in the US perfume and beauty products giant Coty began trading on the Paris stock exchange Thursday, broadening its pool of potential investors to the European continent.

The move, announced last May, saw the sale of 33 million shares at 10.45 euros each, allowing Coty to raise 339 million euros ($358 million).

The Paris exchange is home to three of the world’s largest luxury groups — LVMH, Hermes and Kering — and also beauty giant L’Oreal.

Coty has a large stable of fragrances and skin care products that it produces under license for fashion houses like Burberry, Hugo Boss, Chloe, Gucci and Marc Jacobs.

The Paris listing is a return of sorts for the firm, founded in 1904 in the French capital by perfume maker Francois Coty.

It was later acquired by the US pharmaceutical group Pfizer in the 1960s, and since the 1990s has been majority owned by JAB, a holding for Germany’s Reimann family.

The dual share listing will help attract “European investors whose mandates require them to invest in companies listed in Europe”, Coty’s financial director Laurent Mercier said.

Operating in 125 countries, the American cosmetics giant generates a third of its sales in Europe, where it has half of its 11,000 employees.

The Paris shares closed slightly lower at 10.39 euros.