换帅，出售股权……科蒂进入转型关键期

Core Insights - Coty has appointed Markus Strobel as the interim CEO starting January 1, 2026, succeeding Sue Nabi, indicating a significant leadership change at a critical time for the company [1][3] Leadership Change - Markus Strobel brings 33 years of experience from Procter & Gamble, where he was the president of global skin and personal care, overseeing a multi-billion dollar portfolio [3] - Coty expresses strong confidence in Strobel's ability to lead the company through a strategic review of its consumer beauty business, aiming to enhance its leadership position and drive profitability [3] Product Portfolio Adjustment - Coty announced the sale of its remaining 25.8% stake in Wella to KKR-managed capital accounts, completing a plan initiated in 2020 to simplify its portfolio and operations [4] - The proceeds from this sale will primarily be used to repay short-term and long-term debt, marking a key milestone in Coty's transformation and long-term deleveraging commitment [4] Impact of Brand Loss - The recent deal between Kering and L'Oréal, valued at over €4 billion, affects Coty's management of the Gucci brand, which is crucial to its strategy, as Gucci accounts for approximately 8% of Coty's total sales and 11% of its profits [5] - The loss of Gucci's authorization is expected to significantly impact Coty's high-end strategy and brand competitiveness in the beauty market [5] Financial Performance Challenges - Coty reported a net revenue of $5.893 billion for fiscal year 2025, a decline of 3.68%, and a loss of $381 million, marking a shift from profit to loss [6] - In the first quarter of fiscal year 2026, Coty experienced an 8% revenue decline, with both high-end and mass beauty segments seeing decreases of 6% and 11%, respectively [6] Strategic Initiatives - In response to challenges, Coty is focusing on its high-end brands, including Hugo Boss and Burberry, with Hugo Boss's new fragrance performing well in Europe [6] - Coty has signed beauty licensing agreements with Italian luxury brands Etro and Marni, as well as Swarovski, and is launching its own fragrance brand, Infiniment Coty Paris, in 2024 [6]