Coty Prepared For Possibility That COVID-19 Revenue Recovery Could Be Years Away
The beauty giant says it is selling its Professional Beauty and retail hair-care businesses to global investment firm KKR and targeting $700m in cost reductions over the next two and a half years. Coty already was in transformation mode prior to COVID-19, which drove a 23% decline in its third-quarter net sales, and it does not expect revenue levels to normalize anytime soon.
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Firm recently announced a partnership with Taiwan-based augmented reality and artificial intelligence firm Perfect Corp., which should help drive digital engagement, bolster online sales, and provide data-driven personalization for brands including CoverGirl, Sally Hansen and philosophy, Coty says.
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Fabric & Home Care sales jumped 11% for the quarter, and Baby, Feminine & Family Care, 3%, reflecting consumer priorities during the COVID-19 pandemic. Beauty, impacted by travel retail’s nosedive, and Grooming, something consumers are doing considerably less of at home, were less impressive, but the units still grew in fiscal 2020 overall.