Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Companies  >  All News

News : Companies
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors

Coty changes CEO again, hires former L'Oreal executive to revive sales

share with twitter share with LinkedIn share with facebook
07/02/2020 | 10:04am EDT
A screen displays the logo and trading information for Coty Inc at the NYSE in New York

By Nivedita Balu and Praveen Paramasivam

Coty Inc on Thursday named former L'Oreal executive Sue Nabi as chief executive officer, the cosmetics maker's fifth since its multi-billon dollar deal with Procter & Gamble nearly five years ago.

The company's shares, which have lost more than 60% this year, rose about 5% in early trading.

Nabi will take over from Peter Harf, who was appointed to the top job in June, a move that placed the fortunes of the company squarely in the hands of its largest shareholder JAB Holdings, in which Harf is a partner.

Harf was brought in to rescue the company from a series of CEO departures after years of slowing sales and mounting debt as it struggled to integrate the brands acquired from Procter & Gamble.

"This was unexpected... We thought Harf would stay," D.A. Davidson analyst Linda Bolton Weiser said.

Harf will remain with Coty as its executive chairman and Nabi, the company's first female CEO, will take over on Sept. 1, the company said.

Nabi, who has been credited for reviving L'Oreal's makeup brand Lancome, faces an uphill task of rescuing Coty's sales and steering it through the coronavirus crisis.

She is also the founder of a vegan and ultra-luxury skincare brand, a category where Coty is trying to focus.

"The most important takeaway is that Nabi brings a lengthy Beauty background, something that has been lacking with prior CEOs," Wells Fargo analyst Joe Lachky said.

The company has been trying to streamline its business and partner with brands endorsed by celebrities with huge social media following to make its products resonate better with millennial customers.

It recently injected money into trending brands, including those of reality TV stars Kim Kardashian West and Kylie Jenner, to expand its global reach.

(Reporting by Praveen Paramasivam and Nivedita Balu in Bengaluru; Writing by Sweta Singh; Editing by Arun Koyyur)

Stocks mentioned in the article
ChangeLast1st jan.
COTY INC. 3.53% 3.81 Delayed Quote.-67.29%
L'ORÉAL 1.26% 281.6 Real-time Quote.5.34%
WELLS FARGO & COMPANY -0.51% 24.165 Delayed Quote.-54.85%
share with twitter share with LinkedIn share with facebook
Latest news "Companies"
03:52pRIVER FINANCIAL : Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)
AQ
03:47pIRSA PROPIEDADES COMERCIALES S A : COVID-19, 04 de agosto
PU
03:47pBANK OF N T BUTTERFIELD & SON : Notice of Correction
PU
03:46pCOVID-19 IMPACTS : Global Printed Carton Market Will Accelerate at a CAGR of Over 4% Through 2020-2024 | Rise In Demand for Digital Printing to Boost Growth | Technavio
BU
03:45pRosen Law Firm Announces Filing of Securities Class Action Lawsuit Against YayYo, Inc. – YAYO
BU
03:44pVINCI : Buy rating from Goldman Sachs
MD
03:40pALLIANZ : Italy's Atlantia says hits 'concrete difficulties' in talks on Autostrade split
RE
03:40pCorn Drops on Higher Yield Forecast
DJ
03:40pUGI : PA/ MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q)
AQ
Latest news "Companies"