Coty Has A New CEO

Here’s your refresher; Coty Inc is an American multinational beauty company founded in 1904. It develops, manufactures, markets, and distributes fragrances, cosmetics, skin care, nail care, and both professional and retail hair care products. Kylie Cosmetics, Rimmel, Covergirl, Wella, Maxfactor are just a few brands that Coty own or have a stake in. Chances are you’ve probably used a Coty product.

The New York-based beauty company said Pierre Denis, who’s been the CEO of Jimmy Choo Group Limited since 2012, will succeed Pierre Laubies as CEO sometime this summer.

Laubies has only been CEO since November 2018. He had taken over from Camillo Pane, who had been CEO for two years. Pierre-André Térisse, chief financial officer of Coty, will become chief operating officer while retaining in full his CFO role. That makes three Pierre’s in one story, so I hope you’re keeping up?

Coty hasn’t been having a great year so far, earlier this month, Coty reported that second-quarter net revenues fell by 6.6 percent from a year earlier. At the end of last year they spent $600 million buying a 51 percent stake in Kylie Cosmetics. Denis is said to have vast experience in the luxury and cosmetic category in developed and developing markets. Coty are looking to capture myriad growth opportunities and accelerate top line performance.

To summarize Laubies is leaving, Denis is taking his place and André Térisse is the COO and CFO.

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