Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Coty taps Jimmy Choo boss Pierre Denis as next CEO

Stock MarketsFeb 28, 2020 09:55AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

(Reuters) - Coty Inc on Friday named Jimmy Choo boss Pierre Denis as its next chief executive officer, replacing Pierre Laubies, betting on deep luxury fashion sector experience as the company tries to turnaround sales of its core hair care and cosmetics products.

Denis has been the head of Jimmy Choo since 2012. He was recruited by German conglomerate JAB Holding Co, Coty's (N:COTY) majority shareholder. The stiletto maker is now part of U.S. luxury fashion group Capri Holdings Ltd (N:CPRI), which also owns Versace and Michael Kors.

Sales at Coty's consumer beauty business, which includes brands Max Factor and Rimmel, have fallen for the last seven consecutive quarters, battered by competition from trendier, more Instagram-friendly brands.

The company has also struggled to integrate Procter & Gamble's (N:PG) beauty business, which it purchased in 2016 for over $12 billion, due to production and supply chain issues.

Denis, who has been on Coty's board since September 2019, is its third CEO since the P&G deal and has experience working with cosmetics and fragrances, having served as the Asia-Pacific head of Parfums Christian Dior (PA:LVMH).

"Denis' extensive sector experience will be invaluable to accelerating top-line growth across Coty's core categories: Fragrances, Cosmetics and Skin Care," the company said in a statement.

He will take over as Coty undergoes a series of changes, implemented by Laubies since he took over as CEO in November 2018, including a $600 million investment in reality star Kylie Jenner's beauty brands and an ambitious four-year turnaround plan.

"We can't help but view this as an incremental negative as a CEO transition in the midst of much so much organizational change brings additional uncertainty to the story," Wells Fargo (NYSE:WFC) analysts wrote.

Coty's better performing luxury business has also faced some recent speed bumps, with Gucci-owner Kering's (PA:PRTP) chairman Francois-Henri Pinault saying this month that the company was frustrated with the slow pace of progress in cosmetics development with Coty.

Denis will take over this summer, upon the conclusion of the company's strategic review of its professional beauty unit that houses brands such as Wella and OPI.

The company also said Pierre-André Térisseas would assume the role of chief operating officer in addition to his current role as finance chief.

Coty taps Jimmy Choo boss Pierre Denis as next CEO
 

Related Articles

American Airlines sees minor impact after 5G rollout
American Airlines sees minor impact after 5G rollout By Reuters - Jan 19, 2022

WASHINGTON (Reuters) - American Airlines (NASDAQ:AAL) said on Wednesday it had seen some delays and four cancellations as a result of new 5G service and some additional impact to...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email