Happi Staff08.30.20
The coronavirus put the finishing touches on a dismal year for Coty Inc., one that saw the company report a 63% decline in sales in its recently-concluded fiscal fourth quarter. To remain competitive, Coty will sell many of its manufacturing facilities and outsource production in an effort to become "asset light," in the words of CEO and Chairman Peter Harf.
The company currently manufactures nearly 80% of its products at facilities in countries including the US, Brazil and China.
"Cosmetics is a complex business, so if we play it like Estée Lauder or L'Oréal, we are dead," he told reporters in a recent interview.
In the fourth quarter, Coty reported a loss of $696 million and a loss of $1.1 billion for the full year.
The company currently manufactures nearly 80% of its products at facilities in countries including the US, Brazil and China.
"Cosmetics is a complex business, so if we play it like Estée Lauder or L'Oréal, we are dead," he told reporters in a recent interview.
In the fourth quarter, Coty reported a loss of $696 million and a loss of $1.1 billion for the full year.