The trio began to court Avon in an attempt to sell Coty to the cosmetics seller before making its $10 billion cash bid, which was rejected April 2.
Developing Markets
The perfume manufacturer is seeking to expand sales of its products in developing markets such as Brazil, Becht said in an interview last week. More than 80 percent of Avon's sales last year came from outside North America.
With three executives publicly bidding for Avon, the Reimann billionaires are able to control their vast fortune while remaining out of the limelight.
"In the Rhine-Neckar region where the Reimanns are from, there are a few influential families and they all keep a low profile," said Woywode of the University of Mannheim. "Long- established entrepreneur families in Germany often live reclusively."