Report: Coty and Procter & Gamble Close to Beauty Brand Deal

According to a report, Coty is set to acquire Procter & Gamble brands such as "Gucci and Hugo Boss perfume, Wella and Clairol hair care products and Max Factor and Cover Girl make-up." If confirmed, the deal would be worth about $12 billion.

The news follows Procter & Gamble's recent round of divestments, which have included Rochas, as well as rumors of sales to companies such as Coty, Henkel and Revlon.

The report notes that the Coty deal could boost its revenue "to nearly $11 billion from $4.4 billion."

Coty recently named a new CEO, Elio Sceti, who assumes his role July 1.

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