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EQUITY INVESTMENTS
 6 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
EQUITY INVESTMENTS EQUITY INVESTMENTS
On November 30, 2020, the Company completed the previously announced strategic transaction with KKR for the sale of a majority stake in Coty’s Wella Business. As part of the transaction, Coty received cash proceeds of $2,451.7, and retained a 40% stake in Wella. The Company initially computed the fair value of its retained noncontrolling interest investment based on the fair value of the Wella Business exchanged with KKR. This resulted in an initial fair value of $1,634.5 for the retained noncontrolling interest investment in Wella. Immediately after closing, Wella drew down on their third party debt for $1,282.4 and used $448.0 of such funds to make a distribution to the Company, which the Company has accounted for as a return of capital. As of December 31, 2020, the fair value of the Company's investment in Wella was estimated to be $1,186.5.
Beginning on December 1, 2020, the summarized financial information for such equity investment as of and for the period ended December 31, 2020 is as follows:

Three and Six Months Ended December 31, 2020
Net revenues$215.2 
Gross profit147.0 
Operating loss(5.1)
Loss from operations before income taxes(13.5)
Net loss from operations(12.7)