Nearly two years after Coty Inc. paid $12 billion to acquire Procter & Gamble Co.’s beauty business, the deal remains a drag on the struggling beauty giant. Weak performance of former P&G brands, including names like CoverGirl makeup and Clairol hair dye, weighed on sales in the most recent quarter, Coty said Tuesday. A trucker strike in Brazil also contributed to a loss of $181.3 million, or 24 cents a share, compared with a loss of $304.8 million a year ago.

Source: Wall Street Journal August 21, 2018 17:24 UTC