 The company's logo | |
| Company type | Public |
|---|---|
| ISIN | US2220702037 |
| Industry | Beauty |
| Founded | 1904; 121 years ago (1904) in Paris, France |
| Founder | François Coty |
| Headquarters |
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Area served | Worldwide |
Key people |
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| Products | |
| Brands | |
| Revenue |  US$6.12 billion (2024) |
| US$547 million (2024) | |
 US$109 million (2024) | |
| Total assets | US$12.1 billion (2024) |
| Total equity | US$3.82 billion (2024) |
Number of employees | 11,791 (2024) |
| Website | coty |
| Footnotes / references [1] | |
Coty Inc. is an American[1][2] multinational beauty company founded in 1904 byFrançois Coty. With its subsidiaries, it develops, manufactures, markets, and distributesfragrances,cosmetics,skin care, nail care, and both professional and retailhair care products. Coty owns around 40 brands as of 2024.[3]
Coty is one of the world's largest beauty companies and the largest fragrance company,[4][5] with $5.3 billion in revenue for the fiscal year 2022.[6] Coty acquired 41 beauty brands fromProcter & Gamble in 2016,[7] becoming the global leader in fragrance, the second largest company forhair color and styling products,[8] and the third largest company for colorcosmetics.[9] The company operates three divisions: Consumer Beauty, which focuses on body care, color cosmetics, fragrances, and hair coloring and styling products; Luxury, for luxury cosmetic, fragrance, and skin care products; and Professional Beauty, which servicesbeauty salon andnail salon professionals.[10][11] Coty's mission is to "celebrate and liberate the diversity of beauty".[12]
The company has approximately 20,000 full-time employees in 46 countries, as of mid 2018.[1] Coty's executive offices are located inLondon.[13] The Consumer Beauty, Luxury and Professional Beauty divisions are headquartered inNew York City,Paris andGeneva, respectively.[1] Peter Harf is Coty's chairman.[14] Pierre Laubies was Coty's CEO,[14] but on June 1, 2020, he was replaced by Harf.[15] Pierre-André Terisse was appointed chief financial officer in January 2019.[16] In July 2020, it was announced thatSue Youcef Nabi will become the company's new chief executive officer. Nabi who has previously served asL'Oréal's executive, is slated to take over the position in September the same year.[17]
JAB Holding Company is Coty's largest shareholder, with a 60 percent stake.[18]
Coty owns approximately 40 brands, as of 2024, and has partnerships with various other brands, including:[19][3]
Coty relaunched theCoverGirl and Clairol brands, including theNice 'n Easy hair coloring product, in late 2017 and early 2018, respectively. The relaunches included new messaging and product development, with an emphasis on diversity.[28][32][33] The company also relaunched Max Factor in 2018.[34][35][36]
Coty was founded by François Coty in Paris in 1904.[1][2] The brand's first fragrance, La Rose Jacqueminot, was launched the same year and was packaged in a bottle designed byBaccarat.[37] L'Origan was launched in 1905; according toThe Week, the perfume "started a sweeping trend throughout Paris" and was the first example of "a fine but affordable fragrance that would appeal both to the upper classes and to the less affluent, changing the way scents were sold forever".[38] Following its early successes, Coty was able to open its first store in 1908 in Paris'Place Vendôme.[37] Soon after, Coty began collaborating with French glass designerRené Lalique to create custom fragrance bottles, labels, and other packaging materials, launching a new trend in mass-produced fragrance packaging.[39][40] Coty also established a "Perfume City" in the suburbs of Paris during the early 1910s to handle administration and fragrance production; the site was an early business supporter of female employees and offered benefits including child care.[37]
The company began its global expansion in the early 1910s, first in London and New York.[41][42] Coty established U.S. headquarters at 714Fifth Avenue in New York City, and commissioned Lalique to designpressed glass panels for the building's façade windows, which were installed in 1912.[39][43] Coty remained headquartered in the building until 1941.[43] The structure was later given landmark status by theNew York City Landmarks Preservation Commission during the 1980s for its custom windows.[44][45]Coty began selling other beauty products includingface and body powders in the 1910s, and launched one of its most successful fragrances,Chypre, in 1917. The company's products gained more attention in the United States asWorld War I soldiers started returning from France with gifts for loved ones. During the 1920s, Coty launched more than fifteen new fragrances and expanded into Germany, Italy, Spain, and Switzerland.[39] Coty, Inc. was formed in New York in 1922, and became a publicly traded company in 1925.[46]
François Coty died in 1934; his family maintained control of the company and served as board members until the 1960s.[39]
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Coty's Air Spun face powder was launched in 1935.[37] The powder has been described byReal Simple as one of the "best beauty products of all time" and remains mostly unchanged.[47]
In the 1940s, Coty became a major supporter of the growingAmerican fashion industry, launching theCoty American Fashion Critics' Awards to recognize and promote emerging American fashion designers. Coty discontinued its participation in 1985.[48][49]
Coty became a key player in the American lipstick market with the launch of Coty 24 in 1955. By the 1960s, Coty had become a leading fragrance manufacturer and marketer and the largest fragrance company in the U.S.[39] It attracted the attention ofPfizer, which acquired the company in 1963.[2][39]
In 1991, the company had annual sales of approximately $280 million.[50][51] Pfizer sold Coty to Joh. A. Benckiser (now known as JAB Holding Company) in 1992. Coty was a strategic fit for Benckiser, which had another beauty subsidiary, as well as an international distribution network through which it could market Coty's products.[50] Coty's fragrances at the time included Emeraude, Exclamation, L'Effleur, Preferred Stock, Sand & Sable, Tribe, and Wild Musk.[50][52] Peter Harf, chairman and CEO of JAB since 1988, was named Coty's CEO in 1993.[39] Coty acquiredUnilever's European cosmetic brands, including Rimmel, in 1996.[39]
During the mid-2000s, the company focused on marketing celebrity-endorsed fragrances, including David Beckham,Céline Dion, Jennifer Lopez,Mary-Kate and Ashley Olsen,Sarah Jessica Parker, andShania Twain.[53] Coty also expanded its portfolio of luxury fragrances. It purchased the fragrance license for fashion designer Marc Jacobs in 2003.[54] The company's revenue increased from $1.9 billion to $2.1 billion during 2004–2005.[53][55]
In 2005, Coty purchased additional licenses for Calvin Klein,Cerruti, Chloé, Lagerfeld, andVera Wang from Unilever.[56] These newest acquisitions, along with existing portfolio licenses including Adidas, Davidoff, andJOOP!,[57][58] made Coty the largest global fragrance maker.[2][55]
Coty acquired Del Laboratories' parent company, DLI Holding Corp., in 2007, adding the Sally Hansen and NYC New York Color brands to Coty's portfolio.[59][60] The company entered into license agreements withBalenciaga in 2008 andBottega Veneta in 2009.[61][62][63]
In 2010, Coty purchasednail polish makerOPI Products,[64] as well as the skin care brandphilosophy fromThe Carlyle Group.[54][65] The company also entered into a license agreement withMiu Miu, a subsidiary ofPrada.[27]
Coty filed to go public in June 2012, and raised approximately $1 billion during itsinitial public offering (IPO) one year later.[66][67] The IPO, held in 2013, was the third largest in the US at the time and the largest by afinal goods company sinceMichael Kors.[66]CNN Money described the offering as the "largest U.S.-listed IPO for a consumer products company".[67] Coty acquiredBourjois in 2014.[68]
During 2015–2016, Coty acquired 41 beauty brands from Procter & Gamble (collectively known as Galleria),[7] including Clairol, CoverGirl, Gucci, Hugo Boss, Lacoste, Max Factor, and Wella.[69][26][23] The agreement, completed as aReverse Morris Trust, made Coty the third largest global seller of cosmetics.[9][28][70] Coty also acquired thedigital marketing technology agencyBeamly in 2015.[71][72][73]
The company entered into a license agreement withTiffany & Co. in 2016.[74] During 2016–2017, Coty acquired Hypermarcas' (now known asHypera Pharma) beauty andpersonal care business, ghd, and became a majority stakeholder in the peer to peer digital beauty companyYounique.[75] Younique had approximately 80,000 sellers when Coty purchased a 60 percent stake in January 2017, and surpassed 230,000 sellers by December.[76] Coty announced that it was cutting ties with Younique in August 2019, saying that Younique was "definitely different" from other businesses owned by Coty, and intended to sell its 60% stake in Younique back to its founders.[77]
Coty acquired licenses toBurberry's cosmetics and fragrance brands in April 2017.[78] In July, Coty added the skincare brandphilosophy toTmall,[79] and launched other brands on the platform as well.[36][80]
In December 2017, theCourt of Justice of the European Union'sEuropean Court of Justice ruled that Coty did not violatecompetition laws by forbidding German distributor Parfümerie Akzente from selling products viaAmazon, and that luxury brands are allowed to prohibit distributors from selling through third-party platforms.[19][81][82] Previously, according to theUnited States House Committee on the Judiciary, Coty supported theStop Online Piracy Act, abill introduced to expand the ability of U.S. law enforcement to combatcopyright infringement andcounterfeit goods trafficking, in late 2011.[83][84]
Coty developed "Let's Get Ready" for theAmazon Echo Show; the guide debuted in early 2018 and presents looks and products to users, which can be added toshopping carts.[85] In February, Coty created astartup accelerator focused onartificial intelligence.[86][87]
The company underwent refinancing of debt, including debt associated with Galleria, in March 2018.[7]
In November 2019, Coty announced to purchase a $600 million stake (51%) inKylie Cosmetics, the company of media personality and modelKylie Jenner.[88][89] In June 2020, the company announced that it would buy a 20% stake for $200 million in KKW, a company owned by Jenner's sisterKim Kardashian West.[25]
On December 1, 2020, Coty completed sale ofWella,Clairol,OPI andghd brands stake toKKR for $2.5bn in cash whilst retaining 40% stake in the standalone company.[90] On October 1, 2021, Coty announced that it would sell an approximate 9% stake in Wella to KKR for $426.5 million. The deal cuts Coty's stake inWella,Clairol,OPI andghd brands to around 30.6%.[91]
Coty and its brands say they are committed to a range of social causes as well as seeking to minimize its environmental impact. The company has entered into a long-term partnership with the international advocacy groupGlobal Citizen to tackle prejudice and discrimination based on gender, sexual orientation, disability, or ethnicity, and to promote self-expression.[92] Coty has also joined other beauty companies to launch the Responsible Beauty Initiative to encourage sustainability within the industry.[93] Coty has signed theUnited Nations Global Compact, a UN initiative to encourage businesses to adopt sustainable and socially responsible policies.
Coty ranked number 371 on theFortune 500,Fortune magazine's annual list of the largest U.S. corporations by total revenue, in 2018.[94] The company ranked number 5 onWomen's Wear Daily's 2017 "Top 100" list of the world's largest beauty manufacturers, estimating $9.15 billion in sales.[95] According toAdvertising Age, Coty was one of the largest global advertisers in 2017.[96] In 2018, Coty ranked number 1,196 on theForbes Global 2000, an annual ranking of the top 2,000 public companies in the world.[97] Additionally, Coty ranked number 396 onForbes's 2018 list of "America's Largest Public Companies".[97]
The company relaunched Cover Girl, Clairol and Max Factor.
The company opened subsidiaries in New York and London in 1912...
1912: Subsidiaries opened in New York and London
By the time the panels and the five-story building that they fronted were slated to come down in 1985 to make way for a new office tower, most people had completely forgotten about them. They were saved by a last-minute reprieve from the city's Landmarks Preservation Commission, and the tower was built behind the historic structure.
The Coty Inc.-owned brand entered the Chinese market for the first time — via a pre-launch on Tmall in mid-July...
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