Beauty company Coty Inc. had a “challenging year” in fiscal 2014 as net revenues declined because of pressure on its nail business and fierce competition from rivals. However, the company is starting to see the first sign of a turnaround in its nail business thanks to the new Sally Hansen Miracle Gel.
Beauty company Coty has announced that Georgia May Jagger — supermodel and face of both Coty's color cosmetics brand, Rimmel, and fragrance brand Just Cavalli — has accepted an appointment as the first Coty global ambassador in the fight against blood cancer.
Coty faced a challenging second quarter as revenues declined, partially due to U.S. market softness in the mass fragrance and nail categories. Despite the challenges, company executives expressed optimism during Friday morning’s conference call, and looks to return to top-line growth in the second half.
Coty posted a decline in net revenues during the first quarter, driven by a slowdown in the mass nail and fragrance markets, and consequently reduced low orders and trade destocking particularly in the U.S. mass channel.
Coty and Puig S.L., a fashion and fragrance company, have mutually decided not to renew their distribution agreement in North America, which expires June 30. This decision is the end to a six-year partnership.