Coty announces $3 billion write down

coty

Global beauty and personal care maker, Coty Inc. said it has executed a $3 billion write-down of its intangible assets.

Coty said in a statement that the write-down was a result of the challenges it faced while trying to integrate acquired brands from Procter & Gamble Co. in 2016.

The company said the integration took longer than planned and was more complex than expected.

The company said it has negotiated with its creditors to look at how to restructure the company ‘reduce organizational layers and reorganize the business into regional units’.