前不久，科蒂前首席执行官苏·纳比（SueNabi）在领英平台发布的离职感言引发热议。然而，该帖下方一条热度最高的评论却在一片祝福声中格外突出， 直指在苏·纳比执掌科蒂的五年间，公司不仅未能兑现2021年许下的发展承诺，更致使股东价值严重受损——2025年科蒂股价跌幅超50%，并称科蒂"仅在 最后更换领导层并不能回避这一差距"。 值得注意的是，苏·纳比曾两度在知名美妆时尚媒体WWD发布的全球美妆行业CEO薪酬榜中断层登顶：2021财年与2023财年，其总薪酬分别高达19.80亿 元与10.43亿元，成为业内薪酬最高的CEO。 那么，在这位"美妆最贵CEO"掌舵的五年多里，科蒂究竟经历了怎样的变化？如今的科蒂又处于怎样的境地？ 在苏·纳比于领英平台发布的离职感言中，她通过一封致全体员工的公开信，总结了自己在科蒂五年的任期。 ▍科蒂前CEO苏·纳比 在公开信中，苏·纳比列举了自己任内的多项业绩亮点，包括带领科蒂达到五年复合增长率9%的跨越式增长，打造了如BurberryGoddess等现象级爆款产 品，并推动了兰嘉丝汀在中国市场的快速增长等。她以"建设者的定力、创业者的热忱与管理者的魄力全力以赴"作自我总结，并称最 ...

Core Viewpoint - Coty Group is undergoing a significant leadership restructuring as its major shareholder, JAB Holdings, aims to address ongoing performance pressures and seek a turnaround after a prolonged period of underperformance in the capital markets [1][3]. Group 1: Leadership Changes - Current Chairman Peter Harf is expected to resign, followed by CEO Sue Nabi, which has led to a 3% drop in Coty's stock price [1]. - The leadership changes are seen as a decisive move to reverse losses and transform the company amid financial challenges [1][3]. Group 2: Financial Performance - Coty Group's stock price has fallen approximately 55% over the past year, with its market value decreasing from around $10 billion (approximately 70.55 billion RMB) two years ago to $2.9 billion (approximately 20.46 billion RMB) currently [3]. - The company has reported a series of disappointing earnings, attributing the decline to a slowdown in the overall market, which has significantly impacted investor confidence [3]. Group 3: Business Challenges - Coty faces major uncertainties in its core business, particularly regarding its partnership with Kering and its brand Gucci, as Kering has announced a €4 billion (approximately 33.13 billion RMB) deal to sell its beauty division to L'Oréal, which will affect Coty's exclusive rights to Gucci beauty products starting in 2028 [3][5]. - Gucci beauty products account for about 9% of Coty's total revenue, making this transition critical for the company's financial health [3]. Group 4: Strategic Adjustments - In response to declining sales and financial pressure, Coty is considering divesting its mass cosmetics business, which includes brands like Max Factor, Rimmel, and Cover Girl, while attempting to merge its mass and premium fragrance businesses [5]. - New product launches, such as the Origen and Infiniment Coty fragrance lines, have not met sales expectations, indicating challenges in expanding new business lines [5]. Group 5: Historical Context - Coty has struggled to establish a competitive edge against industry giants like L'Oréal and Estée Lauder since its IPO in 2013, facing difficulties in integrating a $12.5 billion (approximately 88.19 billion RMB) acquisition of Procter & Gamble's beauty business [7]. - CEO Sue Nabi, who took over in 2020, was expected to bring stability after a period of frequent leadership changes, but investor patience is waning due to the company's poor performance under her leadership [7].

Core Insights - The beauty industry is experiencing a resurgence in the fragrance sector, with major brands and local companies expanding their offerings [2][3] - Interparfums has signed a fragrance licensing agreement with Longchamp, with the first fragrance expected to launch in 2027 [2] - The market is witnessing a trend of cross-industry brands entering the fragrance space, indicating a shift in consumer preferences towards emotional and everyday use of fragrances [8][10] Industry Developments - Interparfums is set to fully manage the Longchamp fragrance line, which will include the creation, development, production, and sales of the brand's perfumes [2] - Coty has launched a new mass-market fragrance brand, Origen, targeting the U.S. market with a focus on storytelling through scents [5] - TSG Consumer has acquired the independent fragrance brand Phlur, which emphasizes emotional resonance and affordability [7] Market Trends - The global fragrance market is projected to grow steadily, with estimates suggesting it will exceed $79.3 billion by 2027, driven by the demand for self-care and emotional healing [8][9] - The fragrance market is expanding at a compound annual growth rate of over 3%, with the Chinese market showing significant growth potential despite low penetration rates [9] - Fragrances are increasingly seen as everyday emotional consumption items rather than luxury goods, with younger consumers seeking emotional connections through scent [9][10] Financial Performance - Puig's latest half-year report indicates that its fragrance and fashion division generated €1.685 billion in revenue, accounting for over 70% of total revenue, with an 8.6% year-on-year growth [8] - The fragrance industry boasts a gross margin of approximately 70%, with low raw material costs and high product turnover rates contributing to its profitability [9]