Coty Prepared For Possibility That COVID-19 Revenue Recovery Could Be Years Away
The beauty giant says it is selling its Professional Beauty and retail hair-care businesses to global investment firm KKR and targeting $700m in cost reductions over the next two and a half years. Coty already was in transformation mode prior to COVID-19, which drove a 23% decline in its third-quarter net sales, and it does not expect revenue levels to normalize anytime soon.
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CoverGirl Simply Ageless Skin Perfector Essence foundation was the focus of a TikTok influencer post that attracted 95m views, showing the power of Coty’s rapidly expanding influencer game, says CEO Sue Nabi. Nabi discussed the firm’s influencer strategy and results in the firm’s fiscal 2024 second quarter presentation.
New York-based Coty Inc. plans to partner with social media influencers, including creating content with ‘up and coming’ TikTok influencers in ‘top notch’ creative studios in 15 countries, in an effort to attract Gen Z to its Consumer Beauty business.
Firm recently announced a partnership with Taiwan-based augmented reality and artificial intelligence firm Perfect Corp., which should help drive digital engagement, bolster online sales, and provide data-driven personalization for brands including CoverGirl, Sally Hansen and philosophy, Coty says.