Like its biggest competitors, [Coty Inc.] is confident that it will emerge from the COVID-19 crisis with a stronger, more focused business than before the pandemic struck.
Getting there, however, promises to
Coty Prepared For Possibility That COVID-19 Revenue Recovery Could Be Years Away
The beauty giant says it is selling its Professional Beauty and retail hair-care businesses to global investment firm KKR and targeting $700m in cost reductions over the next two and a half years. Coty already was in transformation mode prior to COVID-19, which drove a 23% decline in its third-quarter net sales, and it does not expect revenue levels to normalize anytime soon.
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