Coty Inc., together with its subsidiaries, engages in the manufacture, marketing, distribution, and sale of beauty products worldwide. The company provides prestige fragrances, skin care, and color cosmetics products through prestige retailers, including perfumeries, department stores, e-retailers, direct-to-consumer websites, and duty-free shops under the Alexander McQueen, Burberry, Bottega Veneta, Calvin Klein, Cavalli, Chloe, Davidoff, Escada, Gucci, Hugo Boss, Jil Sander, Joop!, Kylie Jenner, Lacoste, Lancaster, Marc Jacobs, Miu Miu, Nikos, philosophy, Kim Kardashian West, and Tiffany & Co. brands. It also offers mass color cosmetics, fragrance, skin care, and body care products primarily through hypermarkets, supermarkets, drug stores, pharmacies, mid-tier department stores, traditional food and drug retailers, and e-commerce retailers under the Adidas, Beckham, Biocolor, Bozzano, Bourjois, Bruno Banani, CoverGirl, Jovan, Max Factor, Mexx, Monange, Nautica, Paixao, Rimmel, Risque, Sally Hansen, Stetson, and 007 James Bond brands. Coty Inc. also sells its products through third-party distributors to approximately 150 countries and territories. The company was founded in 1904 and is based in New York, New York. Coty Inc. is a subsidiary of Cottage Holdco B.V.
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- A diversified beauty company, similar to L'Oréal.
- The Procter & Gamble for beauty brands.
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Fragrances: A wide portfolio of prestige and mass-market perfumes and colognes for men and women, sold globally under various licensed and owned brands.
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Color Cosmetics: A diverse range of makeup products including foundations, mascaras, lipsticks, and eyeshadows for face, eyes, and lips.
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Skincare Products: Offerings such as lotions, creams, serums, and other formulations designed to improve skin health and appearance.
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Coty (COTY) Major Customers
Coty (COTY) primarily sells its beauty products (fragrances, color cosmetics, and skin & body care) to other companies. These companies serve as Coty's major distribution partners, selling the products to individual consumers through various retail channels globally.
Here are some of the major types of customer companies and prominent examples that distribute Coty's products:
* **Department Stores:** Retailers focused on prestige beauty, often carrying high-end fragrances and cosmetics.
* Examples include: **Macy's** (NYSE: M), **Nordstrom** (NYSE: JWN), **Harrods** (privately owned), and **Selfridges** (privately owned).
* **Specialty Beauty Retailers:** Stores exclusively or primarily dedicated to beauty products.
* Examples include: **Ulta Beauty** (NASDAQ: ULTA) and **Sephora** (privately owned by LVMH Moët Hennessy Louis Vuitton).
* **Mass Market Retailers and Drugstores:** Large retail chains and pharmacy stores that carry consumer beauty products.
* Examples include: **Walmart** (NYSE: WMT), **Target** (NYSE: TGT), **CVS Health** (NYSE: CVS), and **Walgreens Boots Alliance** (NASDAQ: WBA) which owns Walgreens and Boots.
* **E-commerce Platforms:** Online retailers that provide a broad distribution channel for both prestige and consumer beauty products.
* Examples include: **Amazon** (NASDAQ: AMZN) and online platforms of the aforementioned brick-and-mortar retailers.
* **Travel Retailers:** Operators of duty-free shops in airports and other travel locations.
* Examples include: **Dufry** (SWX: DUFN).
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Sue Y. Nabi, Chief Executive Officer
Appointed CEO of Coty in September 2020, Sue Y. Nabi is a seasoned beauty industry veteran with approximately 30 years of experience. She previously spent two decades at L'Oréal, where she held the positions of Worldwide President for L'Oréal Paris and Lancôme. Notably, she was the youngest-ever CEO of L'Oréal Paris and is credited with revitalizing the Lancôme brand, leading to significant growth and successful product launches. In 2017, she co-founded Orveda, a clean, vegan, ultra-luxury skincare line, with Nicolas Vu.
Laurent Mercier, Chief Financial Officer
Laurent Mercier was promoted to Group CFO of Coty, effective February 15, 2021. He initially joined Coty in 2017 as the CFO of its Luxury Division. Prior to his tenure at Coty, Mercier accumulated 20 years of experience at Danone, where he held various leadership positions, including CFO for Evian Volvic in Germany and CFO for Asia, Middle East and Africa. He was also responsible for leading Danone's Dairy Turnaround in Europe. His career began as an auditor and business consultant at Ernst and Young.
Stéphane Delbos, Chief Performance and Operational Excellence Officer
Stéphane Delbos serves as Coty's Chief Performance and Operational Excellence Officer, overseeing the company's transformation agenda and ensuring that all resources are aligned with strategic priorities. He brings over 23 years of experience in the beauty and pharmaceutical industries to his role. Before joining Coty, he held various local and global procurement positions at Pfizer and Ipsen. Delbos previously held the title of Chief Procurement Officer at Coty.
Priya Srinivasan, Chief People and Purpose Officer
As Chief People and Purpose Officer, Priya Srinivasan leads Coty's human resources initiatives, aiming to make the function a key business driver. She possesses extensive global HR experience, having lived and worked in various regions including India, the US, the UK, China, Hong Kong, and Singapore. Prior to joining Coty, Srinivasan was the Senior Vice President HR – Health Business Unit at Reckitt, a multinational consumer goods company.
Caroline Andreotti, Chief Commercial Officer Prestige
Caroline Andreotti was appointed Chief Commercial Officer Prestige, effective April 1, 2023. She has more than 20 years of experience in the beauty industry, with 15 of those years at Coty. Andreotti previously held the role of EVP Global Skincare and is recognized for her deep expertise in the Asian market. Her impressive background includes a strong track record in fragrance, skincare, body care, and color cosmetics, and she spearheaded the global expansion of Coty's prestige skincare brands: Orveda, Lancaster, and Philosophy. Before starting at Coty in 2008, she gained experience at Philip Morris International, Elizabeth Arden, and R.J. Reynolds Tobacco.
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- The increasing market penetration and influence of agile, direct-to-consumer (DTC) beauty brands. These digitally native brands leverage social media and direct sales channels to rapidly identify and cater to niche consumer demands, often emphasizing specific values like "clean beauty" or inclusivity, thereby eroding market share from traditional players like Coty.
- The accelerating consumer and regulatory demand for sustainable, ethically sourced, and "clean" beauty products. This imperative requires significant investment in ingredient reformulation, supply chain transparency, and sustainable packaging, posing a substantial operational and reputational challenge for legacy companies with extensive product portfolios and established manufacturing processes.
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Coty Inc. (NYSE: COTY) operates in several key beauty categories, including fragrances, color cosmetics, and skincare. The addressable market sizes for these main product categories are outlined below:
Fragrances
- Global Market: The global fragrance market was valued at approximately USD 58.97 billion in 2024 and is projected to reach USD 83.69 billion by 2032.
- North America Market: North America held the largest share of the worldwide fragrance market in 2024, valued at USD 22.82 billion.
Color Cosmetics
- Global Market: The global cosmetics market, which includes color cosmetics, was valued at USD 419.8 billion in 2024 and is projected to reach USD 629.7 billion by 2033.
- U.S. Market: The U.S. cosmetics market, encompassing color cosmetics, is projected to be approximately USD 97.89 billion in 2024.
Skincare
- Global Market: The global skincare market was valued at USD 184.6 billion in 2024 and is projected to reach USD 407 billion by 2035.
- U.S. Market: The U.S. skincare products market was valued at USD 28.25 billion in 2024 and is projected to reach USD 50.71 billion by 2033.
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Coty Inc. (COTY) anticipates several key drivers to fuel its revenue growth over the next 2-3 years, stemming from strategic initiatives across its brand portfolio, channel expansion, and market focus.
- Innovation and Expansion in Fragrances: Coty expects continued growth from its robust fragrance portfolio, encompassing prestige, ultra-premium, and mass market offerings. This includes launching new fragrances under prominent brands such as Swarovski, Etro, and Marni in the upcoming two years. The company is also expanding into new scenting adjacencies, including fragrance mists under brands like Calvin Klein, Kylie Cosmetics, philosophy, adidas, and Nautica, which are showing positive early results.
- Strategic Focus on Prestige Beauty and Market Share Gains: A core part of Coty's strategy is to elevate its position as a prestige beauty company, with a particular emphasis on fragrances and scenting across various price points, complemented by capabilities in prestige cosmetics and skincare. The company plans to concentrate investments on brands with significant long-term growth potential, including enhancing newly acquired licenses and brands. Coty has observed solid sell-out growth in its prestige fragrance business, particularly in the U.S., and anticipates introducing prestige cosmetics innovations like a makeup line under Marc Jacobs Beauty by 2026.
- Growth in E-commerce and Digital Channels: E-commerce remains a strong growth channel for both Prestige and Consumer Beauty segments, with Coty reporting consistent market share gains and an increase in e-commerce penetration to nearly 20% of its total business. The company is actively investing in digital innovation and enhancing its e-commerce capabilities, including expanding partnerships like adding Marc Jacobs to Amazon's Premium Beauty Marketplace.
- Geographic Expansion and Recovery in Key Markets: Coty is focusing on expanding its presence in "growth engine" markets and channels, including China and travel retail, where it has seen solid growth. Despite some market challenges, the company recorded strong prestige sell-out gains in China, which were more than double the market growth.
- Revitalization and Innovation in Consumer Beauty: While the Consumer Beauty segment has faced headwinds, Coty is implementing a performance improvement plan. This includes launching new innovations under key mass fragrance brands (such as adidas, Nautica, and Vera Wang) and introducing new in-house developed fragrance lines. The company also aims to drive revenue growth through "cutting-edge" technologies within its cosmetics portfolio.
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Share Repurchases
- Coty's Board of Directors increased its share repurchase program authorization by an additional $600 million in November 2023, bringing the total authorized amount to approximately $1 billion.
- The company completed the repurchase of 27 million shares in February 2024, which was part of a buyback program announced in June 2022. This transaction involved a cash payment of approximately $200 million.
- Coty has entered into total return swaps to hedge planned share buybacks of approximately 27 million shares in Q3 FY24, 23 million in FY25, and 25 million in FY26, aiming to reduce its diluted share count towards 800 million by FY26.
Share Issuance
- As part of a strategic transformation in June 2020, KKR made a $1 billion direct investment in Coty through the issuance of convertible preferred shares.
- The number of outstanding Class A Common Stock shares was 874,617,676 as of October 24, 2025, and 871,993,285 as of February 3, 2025, indicating some issuance activity.
Inbound Investments
- KKR invested $1 billion directly into Coty through the issuance of convertible preferred shares in June 2020. This investment was part of a strategic transformation aimed at deleveraging Coty's balance sheet.
Outbound Investments
- In June 2020, Coty partnered with KKR in a strategic transaction for its Professional and Retail Hair business (including Wella, Clairol, OPI, and ghd), valuing it at $4.3 billion. KKR acquired a 60% stake, while Coty retained 40%.
- Coty currently retains a 25.8% stake in The Wella Company, with the potential sale of this holding considered an opportunity to further reduce debt and fund share repurchases.
Capital Expenditures
- Coty's capital expenditures for fiscal years ending June 2021 to 2025 averaged $185.7 million, peaking in June 2024 at $228.9 million.
- Higher year-over-year capital expenditures in FY24 were primarily related to the SAP S/4HANA transition.
- In Q1 FY26 (ended September 30, 2025), capital expenditures decreased by $21.3 million compared to the prior year.
