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    Top Companies Report

    8. Coty

    ...

    8. Coty
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    06.30.17
    New York, NY
    www.coty.com

    Sales: $4.3 billion.

    Key Personnel: Camillo Pane, chief executive officer; Patrice de Talhouët, chief financial officer; Sébastien Froidefond, chief human resources officer; Edgar Huber, president, luxury; Laurent Kleitman, president, Coty Consumer Beauty; Ralph Macchio, chief scientific officer; Greerson McMullen chief legal officer, general counsel and secretary; Sylvie Moreau, president, professional beauty; Mario Reis, chief global supply officer.

    Major Products: Luxury—Calvin Klein, Hugo Boss, Gucci, Philosophy, Marc Jacobs, Davidoff, Lacoste, Chloé, Joop!, Jil Sander, Escada, Stella McCartney, Alexander McQueen, Miu Miu; Consumer—CoverGirl, Rimmel, Adidas, Max Factor, Sally Hansen, Nice’n Easy, Koleston, Bourjois Paris, Playboy, Wellaton Monange, Bazzano, Risqué, Paixao; Professional—Wella, OPI, Sebastian, System Professional, Clairol Professional, Nioxin, Londa Professional, Sassoon Professional.

    New Products: Fragrances—Miu Miu, Marc Jacobs Decadence, Marc Jacobs Splash; Color cosmetics—OPI Hello Kitty, OPI Infinite Shine; Skin care—Playboy Play It Wild, Adidas UEFA Champions League Edition, Adidas toiletries and Adidas Born Original.

    Comments: Coty is just beginning to realize the gains from its $12 billion purchase of well-known P&G brands, a deal that was announced two years ago and only completed late last year. The move made Coty the No. 1 player in fragrance, the No. 3 player in color cosmetics, and No. 2 in professional hair care. When it is all accounted for by the end of fiscal 2017, Coty will zoom up our ranking with sales of about $9.2 billion. It will also make Coty the world’s No. 3 pure-play beauty company, behind L’Oréal and Estée Lauder.

    With the acquisition completed, Coty management is focused on five areas:
    • Leverage the strength and scale of the combined company to create a new global leader and challenger in the beauty industry;
    • Expand in an attractive new category, through the addition of the hair color and styling business;
    • Combine new organic growth opportunities with a well-targeted acquisition strategy;
    • Drive improvements in margin, profit and free cash flow, providing financial flexibility;
    • Capitalize on strong, well-aligned and balanced leadership, led by new CEO Camillo Pane.
    By category, fragrance accounted for 46% of sales last year, followed by color cosmetics (36%) and skin and body care (16%). The purchase of Hypermarcas added 2% to sales last year. Coty’s top 10 brands represent 70% of sales last year; they include Adidas, Calvin Klein, Chloé, Davidoff, Marc Jacobs, OPI, Philosophy, Playboy, Rimmel and Sally Hansen—but all that will change when heavyweight names like CoverGirl, Max Factor, Clairol and Wella are included for the full year.

    All of these changes come as Coty’s existing businesses went flat in fiscal 2016. Sales declined 1% as skin and body care sales fell 10% to $693 million. Every brand in the skin care portfolio reported a decline in sales, as Forex was responsible for a 6% decline, unit volume fell 3% and price/mix accounted for 1% of the fall.

    Meanwhile, fragrance sales dropped 8% to just over $2 billion. Forex accounted for 5% of the skin care decline with unit volume declining 4%. That was partially offset by a positive price and mix impact of 1%. Coty said celebrity and lifestyle brands can’t hold an audience like they did in the past, although the Marc Jacobs franchise continues to make gains.

    The color cosmetics group bucked the trend, as sales rose 7% to over $1.5 billion. Positive price and mix added 12% and unit volume increased 1%, but they were partially offset by Forex (-6%). Coty said sales of OPI, NYC New York Color and Astor all fell, while Sally Hansen remained a bright spot. Sales of Rimmel were flat.

    Last year Sylive Moreau joined Coty as president, professional beauty. She had been with P&G where she oversaw the salon professional business.

    The third quarter ended March 31, 2017; Coty seemed to be making progress as it digests the P&G purchase. Sales rose 5% to more than $2 billion, which beat analysts’ forecasts. However, the company reported a net loss of $164 million after taking a $213 million restructuring charge. Coty insists it will reap $750 million in synergy savings.
    “This improvement was driven by good growth performance in the Luxury division, flat performance in professional beauty, and some improvement but continued negative performance in the consumer beauty division,” explained Coty CEO Camillo Pane. “It is clear that fiscal 2017 is a transitional year and the path to recovery will take some time and will not be a straight line.”
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