Coty Inc., the perfume maker that filed for a U.S. initial public offering in June, is delaying the sale until at least next year, according to two people familiar with the process.
Coty, which had planned to complete the IPO this year, is pushing the offering back partly to give new Chief Executive Officer Michele Scannavini time to adjust to the role, said the people, who asked not to be named as the matter is private. Scannavini took over Aug. 1, replacing Bernd Beetz.
The fragrance company, whose products include scents by Beyonce Knowles and Heidi Klum, had filed to raise as much as $700 million in the offering. Coty has sought to increase revenue by entering new regions and expanding distribution brands in emerging markets.
Kevin Janeczko, a spokesman for New York-based Coty, didn’t immediately respond to a telephone message seeking comment.
Bank of America Corp., JPMorgan Chase & Co. and Morgan Stanley are managing the sale. Coty, which holds perfume licenses for brands including Calvin Klein and Marc Jacobs, was founded in 1904 in Paris by Corsican-born Francois Coty.
© Copyright 2016 Bloomberg News. All rights reserved.