Coty Reorganizes To Advance Growth, “Best-In-Class” Category Innovation
This article was originally published in The Rose Sheet
Coty Inc.’s new organizational structure is centered on product innovation and “consumer evolution,” the New York firm announces July 9. The restructuring includes a number of executive changes and transforms Coty’s Prestige and Beauty units to a “Categories and Innovation” umbrella comprising four product category branches.
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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.
Coty’s awaited initial public offering could potentially generate $1.15 billion with the sale of extra shares to underwriters, which would make it “the largest-ever U.S. IPO by a consumer-products company,” according to international law firm Duane Morris.
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