Procter & Gamble has announced a potential flotation of its beauty division as a result of weak sales.

The consumer goods giant is considering a strategy of selling or discontinuing 100 product lines, reducing the number it sells to 65. The flotation would include some of the company’s most well known brands such as Herbal Essences, Head & Shoulders and Covergirl.

The beauty division generated US$19.5billion in sales last year, accounting for 24 percent of total revenue. Yet while it accounts for a significant proportion of the group’s revenue, shedding slow-growing or money-losing brands would enable the company to focus on driving the profitability of more successful lines. Chief Executive AG Lafley aims for plans regarding the separations to be completed by July.

Following the announcement, shares in Proctor & Gamble rose 2.1 percent to $83.56 at the close on Monday in New York, the biggest one-day gain since October 24 2014.