科蒂的“隐忧”藏不住了

Core Viewpoint - Coty is facing significant challenges as it is set to lose its beauty licensing rights for Gucci, which is expected to have a substantial impact on its business and brand strategy [1][3][4]. Group 1: Legal Action and Licensing Issues - Coty has filed a lawsuit against Kering Group and Gucci over the beauty licensing agreement, claiming a breach of its right to renew the contract [1][3]. - The agreement between Kering and L'Oréal for Gucci's beauty licensing is set for a 50-year term, effectively barring Coty from any future collaboration with Gucci after 2028 [3][4]. - Coty's CEO, Sue Nabi, has stated the company will defend its rights until the contract's expiration [3]. Group 2: Financial Impact - The loss of Gucci is projected to result in a revenue loss of approximately $500 million for Coty within the year [4]. - Gucci's beauty division has been a crucial part of Coty's revenue, contributing over 60% to its high-end beauty segment [4]. - Coty reported a net revenue of $5.893 billion for the fiscal year 2025, a decline of 3.68%, and incurred a loss of $381 million, indicating ongoing financial struggles [7]. Group 3: Market Position and Strategy - The beauty market is experiencing polarization, and losing Gucci will significantly impact Coty's high-end strategy and brand competitiveness [5]. - Coty has a history of relying on licensed brands, which poses risks as contracts expire, with other brands like Miu Miu already moving to L'Oréal [7][8]. - To mitigate risks, Coty is focusing on developing its own brands, such as the newly launched Infiniment Coty Paris, aiming to establish a strong presence in the fragrance market [8].