Coty Inc. (COTY) said it will more closely integrate its Prestige Beauty and Mass Fragrance businesses. Also, the company has launched a comprehensive strategic review of its Consumer Beauty business.
Coty will initiate organizational changes to drive much closer integration and coordination between Prestige & Consumer Beauty fragrances, which account for 69% of Coty's sales. Stefano Curti, Chief Brands Officer of Consumer Beauty, and Alexis Vaganay, Chief Commercial Officer of Consumer Beauty, will step down from their roles. Gordon von Bretten, Coty Board member and former Chief Transformation Officer, will lead Consumer Beauty as President.
The strategic review will focus on Coty's $1.2 billion revenue mass color cosmetics business. The review will assess a full range of alternatives including partnerships, divestitures, spin-offs, and other potential strategic actions.
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