Coty is one of the largest cosmetics manufacturers in the world, earning income of around $ 9 billion. The company has over 177 brands available in 150 countries. Among them there are such brandy as Kylie Cosmetics, Calvin Klein, Burberry, Rimmel, Max Factor, Sally Hansen, Bourjois, Hugo Boss, Joop!, Marc Jacobs, Miss Sporty or Mexx.
The company announced the start of the next phase of the “All-in to Win” initiative, initiated during the Covid-19 pandemic, which aims to improve profitability, operational efficiency and reduce fixed costs. As part of these activities, it is planned to reduce employment by 700 people.
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As reported by “The Business of Fashion”, Coty is seeking to obtain $ 130 million (over PLN 480 million) SAVINGS SAVINGS and about $ 240 million (nearly PLN 900 million) current performance savings in the next two years.
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Coty must adapt to changes in the cosmetics industry
At the moment, it is not known which positions will be reduced. The company's representatives, however, assured that the exemption process would be conducted in accordance with applicable law. However, it is certain that The changes will cost Coty at one time $ 80 million. (nearly PLN 300 million)which will be paid to dismissed employees.
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Ceo Coty, cited by “The Business of Beauty”, Sue Nabi, noticed that recent years have brought cyclical and structural changes in the cosmetics and global economy industry, such as dynamic development of electronic trade, consolidation of retail channels and customers and new methods of discovering brands by consumers. Therefore, the company must adapt and evolve.
