Coty’s Sales Plummet 60%, But Firm Has Fixed Worst Impediment
The highly anticipated solution to Coty’s biggest problem, new CEO Sue Nabi, addressed analysts for the first time during the firm’s 27 August fourth-quarter and full-year earnings call. Coty is counting on Nabi’s brand turnaround savvy and Asian market experience gained at L’Oreal, as well as her entrepreneurial vision, to make the company profitable again in the new fiscal year and fuel forward growth.
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Sue Nabi’s success at L’Oreal, where she headed the firm’s global L’Oreal Paris and Lancome businesses, her skin-care savvy as founder of the luxury, “clean, green and vegan” Orveda, and her experience as a career champion of diversity were major draws for Coty, where she begins as CEO on 1 September.
Coty will leverage Kim Kardashian West’s influence with her roughly 300m social-media followers as it expands her KKW brand into new product categories and geographies, according to the firm’s 29 June announcement. The $200m transaction for 20% of the celeb’s business follows a $600m deal with half-sister Kylie Jenner, completed in January.
Manufacturers considering use of the popular 99.99% germ-kill claim on hand sanitizer products should consult the Office of Compliance, said Division of Nonprescription Drug Products director Theresa Michele during a recent industry workshop. “Be very, very cautious about the claims you are making,” she said.