×
223
Fashion Jobs
LEVI'S
Key Account Manager
Permanent · London
TOMASZ DONOCIK
Digital Marketing And Sales Coordinator
Permanent · LONDON
PYOU
Wholesale Business Developer/Sales Manager
Permanent · LONDON
SHISEIDO
Demand Planner
Permanent · London
SHISEIDO
Commercial Finance Analyst
Permanent · London
SHISEIDO
Bareminerals Account Manager - bt2, Blanchardstown
Permanent · Chappaqua
SHISEIDO
Bareminerals Account Manager - Moores, Colearine
Permanent · Coleraine
SHISEIDO
Group Business Analyst
Permanent · London
SHISEIDO
Accounts Payable Manager
Permanent · LONDON
LEVI'S
Sales Stylist London o2 Arena 16 Hours
Permanent · London
HUGO BOSS
Assistant Store Manager - New Cathedral Street, Manchester
Permanent · Manchester
HUGO BOSS
Sales Associate - New Cathedral Street, Manchester
Permanent · Manchester
HUGO BOSS
Sales Associate - Southampton
Permanent · Southampton
HUGO BOSS
Sales Associate - Bristol Cribbs Causeway
Permanent · Bristol
HUGO BOSS
Brand Specialist - Birmingham Bullring
Permanent · Birmingham
HUGO BOSS
Assistant Store Manager - Bicester
Permanent · Oxford
HUGO BOSS
Assistant Store Manager - Bristol Cribbs Causeway
Permanent · Bristol
HUGO BOSS
Supervisor - Milton Keynes
Permanent · Milton Keynes
HUGO BOSS
Brand Specialist - New Cathedral Street, Manchester
Permanent · Manchester
CLERGERIE
Assistant Store Manager (Walton Street)
Permanent · LONDON
MAJE
Sales Assistant, Full Time - Selfridges, London
Permanent · LONDRES
BRUNELLO CUCINELLI
Senior Client Advisor - Chinese/Arabic Speaker
Permanent · LONDON
By
Reuters
Published
Feb 9, 2021
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Makeup demand slump wipes millions off Coty's revenue, shares

By
Reuters
Published
Feb 9, 2021

Gucci lipstick maker Coty Inc missed market estimates for quarterly revenue on Tuesday, hurt by weak demand for makeup products as shoppers stayed at home due to fresh COVID-19 restrictions, sending its shares down as much as 15% in premarket trade.


Photo: Gucci Beauty - Foto: Gucci Beauty



Coty has been working to ramp up its presence in the skin-care category as well as online, as sales of makeup products, including foundation and lipsticks, have been pressured due to pandemic-induced lockdowns that have forced shoppers to stay at home.

Beauty product sales in major markets, including North America and Europe, have been hampered by a resurgence in coronavirus cases as it has prompted fresh lockdowns and store closures.

“The lockdowns (in Europe), like on every other competitor in the industry, have had an effect,” Chief Executive Officer Sue Nabi told Reuters, noting Coty’s Europe, Middle East and Africa (EMEA) unit was the biggest contributor to its 40% overall online sales rise.

Sales in the EMEA region, however, dropped 21.9% to $708.9 million.

“(The e-commerce growth) is not, in a way, compensating what’s happening with the closure of the stores,” Nabi added.

Cosmetic companies such as Coty have also been battling the closure of many sales channels, including duty-free shops at airports, leading to a hit in travel retail sales.

Coty has been laying off workers, freezing and reducing one-off expenses as part of its turnaround plan, which has involved reducing organizational layers and the addition of a new finance chief, helping it post profit above estimates.

Excluding items, the company earned 10 cents per share from continuing operations, beating analysts’ average estimate of 7 cents, according to IBES data from Refinitiv.

The Burberry fragrance maker, which in December sold a majority stake in its professional and retail hair division to U.S. buyout firm KKR & Co Inc, said its net revenue from continuing operations fell about 16% to $1.42 billion, missing estimates of $1.43 billion.

© Thomson Reuters 2021 All rights reserved.