Coty To Move Executive Offices To London

Coty Inc. said on Tuesday it plans to relocate its executive management offices to London, but will remain incorporated in Delaware and have its stock traded on the New York Stock Exchange, after the merger with Procter & Gamble's specialty beauty business is completed. Coty said the move to London will bring its executives, including the offices of the chairman and chief executive office, finance and human resources, closer to its key markets around the world. The company said it will launch a new department called growth and digital, to be located in London, as part of a new organization structure. Other divisions will include luxury, consumer beauty and professional beauty. The stock, which was still inactive in premarket trade, has soared 44% year to date, while the S&P 500 has gained 2.2%.