CoverGirl cosmetics parent Coty is moving forward with its plan to list on the Paris Stock Exchange which could take place as soon as the coming weeks, Bloomberg News reported on Thursday, citing people with knowledge of the matter.

The company has brought on BNP Paribas and Citigroup to work on the deal and is considering raising fresh capital from the listing, the report said.

Coty is aiming to formally announce details of the plans as soon as the next few days and a listing could follow shortly afterward, according to the report.

Coty declined to comment on the report. The company’s shares were up about 1 percent in afternoon trade.

The cosmetics and fragrance maker said in May it would explore a listing on the Paris Stock Exchange in a bid to bolster its presence in Europe and tap into new investors in the market.

The company on Wednesday raised its annual core sales forecast boosted by higher prices and strong demand, particularly in its high-end segment that houses cosmetics and fragrances from brands such as Hugo Boss, Gucci and Burberry.

By Deborah Sophia; Editor Shailesh Kuber

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