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    Top Companies Report

    5. Coty

    ...

    5. Coty
    Coty
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    Happi Staff07.01.20
    New York, NY
    www.coty.com
    Sales: $8.6 billion

    Key personnel: Peter Harf, chairman and chief executive officer; Pierre-André Terisse, chief operating officer and chief financial officer; Gordon von Bretten, chief transformation officer; Edgar Huber, chief commercial officer; Simona Cattaneo, president, luxury brands; Richard Jones, chief supply officer; Pascal Baltussen, chief global procurement officer; Kristin Blazewicz, chief legal officer; Fiona Hughes, president, consumer brands; Laurent Mercier, deputy chief financial officer; Anne Jaeckin, chief human resource officer

    Major products: Beauty, hair care, skin care and fragrance. Luxury: Bottega Veneta, Burberry, Calvin Klein, Chloé, Gucci, Hugo Boss, Tiffany & Co, Marc Jacobs, Miu Miu. Professional: Wella, OPI, ghd, System Professional, Nioxin, Sassoon, Sebastian, Clairol. Consumer: CoverGirl, Clairol, Rimmel, Adidas, Bourjois, Sally Hansen, Max Factor, Wella, Monage, Risqué, Bruno Banani, Katy Perry, James Bond 007, Mexx, Nautica Fragrances, Biocolor, Bozzano, Cenoura & Bronze, Paixão

    New products: Calvin Klein Women, Gucci Bloom Nettare di Fiorgi, Gucci Guilty Pour Femme, Gucci Alchemist Garden, Kylie Skin (Europe). Acquisitions: Kylie Cosmetics and Burberry beauty

    Comments: Coty, Kylie and KKR have been in the news for months as the world’s biggest fragrance company sold off some assets and bought others in attempt to reinvigorate its portfolio, which has taken a beating since Coty spent billions to buy battered P&G brands a few years ago. To reinvigorate its portfolio and attract a younger audience, in December Coty acquired controlling interest in Kylie Cosmetics, which was founded in 2017 by Kylie Jenner. The $600 million deal came together not long after Forbes called Jenner the youngest billionaire in the US. More recently, however, its come to light that Kylie Cosmetics’ actual sales aren’t nearly what analysts estimated (see Kylie No. 44).

    Still, the questionable numbers weren’t enough to deter Coty from seeking a deal with Kylie’s older sister, Kim Kardashian West. In fact, in a conference call with analysts, CEO Peter Harf said he’s ”good friends” with the family’s business manager, Kris Jenner, who is also Kardashian West’s and Kylie Jenner’s mother.

    “I’m very proud that the Jenner family is working with us and have access to them and to other people who are big opinion leaders on social media,” he said in a conference call with analysts.

    According to Coty, Kylie Jenner has more than 270 million social media followers—many of them of the Gen Z generation.

    Also last month, the company entered into a strategic transaction with KKR for Coty’s professional and retail hair business, including the Wella, Clairol, OPI and ghd brands, valuing the businesses at $4.3 billion on a cash- and debt-free basis. KKR will own 60% of this separately managed entity and Coty will own the remaining 40%. As previously announced, KKR is investing $1 billion directly into Coty through the issuance of convertible preferred shares.

    The sale of a majority interest in the professional and retail hair business simplifies Coty’s portfolio and will allow Coty to focus on its core prestige and mass beauty businesses:
    Prestige—Coty will reinforce its leadership positions through innovation in fragrances and adjacent categories, a focus on the premium end of its portfolio, and the e-commerce development of the Prestige Beauty franchise, which encompasses iconic brands, such as Calvin Klein, Hugo Boss, Burberry and Gucci, as well as Kylie Beauty.

    Mass beauty—Coty will reinvest in its brands in priority markets to improve fundamentals and expand its omni-channel presence. Brands include Sally Hansen, Rimmel, CoverGirl and Max Factor.
    Cost leadership—Excluding Wella business, Coty is targeting a net reduction in fixed costs of approximately $600 million in cash over the next three years. The one-off costs associated with this program are estimated at $500 million.

    The moves come after a tough two years for Coty. For the nine months ended March 31, 2020, Coty’s sales fell 11% to $5.8 billion. In Q3, sales fell more than 23%, which sales in Asia Pacific falling 34.8%; the Americas declining 18.8% and professional beauty falling nearly 12%. 

    Kylie Skin Comes to Europe
    • Coty Inc. will launch Kylie Skin at Douglas, making the beauty brand available to customers in Europe.

    Kylie Skin launched in May 2019 and quickly became a top-selling skin care brand in the US. On its first anniversary, the brand will roll out in full distribution to over 2,000 doors in 25 countries with the Douglas Group, a multichannel premium beauty retailer.

    “I am so excited to be celebrating Kylie Skin’s first birthday by launching in Europe, at Douglas,” said Kylie Jenner. “So many of my fans have been asking me to make my skin care available in Europe, and I’m so happy that they’ll now be able to make my favorite products a part of their daily lives, too.”

    “We have started to build a strong foundation to support our strategic partnership with Kylie Jenner. The launch of Kylie Skin in Europe is a next step as we accelerate the integration and build Kylie Jenner’s beauty businesses into a global powerhouse brand,” said Simona Cattaneo, president luxury brands at Coty.

    Douglas will offer six different products from the Kylie Skin line, including the Foaming Face Wash, Walnut Face Scrub, Face Moisturizer, Eye Cream, Vanilla Milk Toner and Vitamin C Serum. All products are vegan, and cruelty-, gluten-, paraben- and sulfate-free and suitable for all skin types.
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