July 25, 2012 / 1:10 PM / 5 years ago

UPDATE 1-Coty CEO Beetz retires ahead of IPO

(Adds ages, background)

July 25 (Reuters) - Fragrance maker Coty Inc said on Wednesday its Chief Executive Bernd Beetz, 61, will retire by the end of July, just weeks after the company filed for an initial public offering.

Michele Scannavini, 53, who has run the Coty Prestige unit for the past 10 years, will succeed Beetz at the company, which sells perfumes under brands that include Calvin Klein, Davidoff and Chloe.

Scannavini will take on the reins as CEO beginning Aug 1, the company said.

Earlier this year, Coty attempted a $10.7 billion takeover of Avon Products Inc, withdrawing the bid after Avon missed Coty's deadline to discuss the offer.

Coty in June filed to raise as much as $700 million in an initial public offering. Founded in Paris in 1904 by Francois Coty, is majority owned by Joh A Benckiser, the investment vehicle for the billionaire Reimann family of Germany. (Reporting by Brad Dorfman; Editing by Gerald E. McCormick and Bernadette Baum)

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