P&G; Faces Up to Mistakes in Beauty Business
Divestiture deal with Coty marks a sharp reversal for CEO
Procter & Gamble Co. is dismantling a beauty business it aggressively built a decade ago, giving up on areas like salon products and designer perfumes that distracted from core areas and hurt its growth.
The world’s largest consumer-products company said Thursday it would carve off brands including Wella shampoos, Clairol hair dye and CoverGirl makeup and merge them with Coty Inc. in a complicated $13 billion deal.
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