The restructuring plan includes a write down of nearly $3 billion of its intangible assets.
In a significant development, Coty Inc announced that it would overhaul its operations and write down nearly $3 billion of its intangible assets. The move comes in the wake of its intent to post a quick turnaround following challenges in integrating brands acquired from Procter & Gamble Co in 2016.
In a presentation, Coty stated, the P&G Beauty integration took longer and was more complex than originally envisioned.
Coty stated it had reached an agreement with creditors to fund a restructuring plan that will reduce organizational layers and reorganize the business into regional units.