The review, led by The Observatory International, puts 20-year incumbent Leo Burnett London on alert. The agency is repitching.
Leo Burnett launched a specialist luxury division in 2006 to handle a range of P&G accounts including Max Factor, Wella and Clairol.
In October last year, Coty completed its acquisition of 41 P&G beauty brands. This lifted Coty’s revenues to $9bn (£7.2bn), making it the third-biggest beauty company in the world behind L’Oréal and Estée Lauder.
Coty’s brands are now divided into Coty Consumer Beauty, which includes Max Factor, Coty Luxury and Coty Professional Beauty.
The company has consolidated the additional brands into its global media agency, Zenith.
A Coty spokeswoman said: "We regularly review our creative and brand-building agency relationships to ensure we have the right partners to continue growing our business."