Nov 3, 2015
Coty to rejig operations, shift top executives to London
Nov 3, 2015
Perfume maker Coty Inc is creating a new organizational structure and shifting its executive team to London, as part of its transformation into a global beauty products maker.
The company said in July it would buy 43 beauty brands from Procter & Gamble Co for $12.5 billion, a deal that would make it the world's No. 3 make-up company behind L'Oreal SA and Estee Lauder Cos Inc.
Coty will divide its operations into three divisions - luxury, consumer beauty and professional beauty. The company will also create a new department called growth and digital.
Coty currently operates three divisions - fragrances, color cosmetics, and skin and body care.
The company also said on Tuesday it would add some executives to its leadership team including Esi Eggleston Bracey and Sylvie Moreau from P&G.
Coty said the reorganization will take effect after the completion of the acquisition of P&G brands, expected in the second half of 2016.
Coty is trying to appeal to younger consumers, focusing on make-up and skincare as consumers shift away from its once-popular celebrity perfumes business.
The company on Monday bought the beauty and personal care business of Brazilian consumer products maker Hypermarcas S.A. for $1 billion.
© Thomson Reuters 2022 All rights reserved.