Coty’s TJoy Unit Continues To Disappoint, Driving $253.3 Mil. Loss In Q3
This article was originally published in The Rose Sheet
Coty Inc. recorded a $316.9 million asset write-down in the third fiscal quarter related to its TJoy skin-care business in China, driving a $253.3 million loss overall. The firm will reorganize its mass-market business in the country to improve profitability in Skin & Body Care, which booked an 8% increase in global revenues on the strength of the firm’s philosophy brand, among other highlights, despite TJoy’s drag on the segment’s performance.
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