Peter Harf bets $150 million on Coty
Coty’s executive chairman Peter Harf is set to increase his personal stake in the company by $150 million, reaffirming his commitment to the cosmetics maker.
Harf will buy shares from KKR & Co. in a show of support, according to Bloomberg. He currently owns approximately 12.3 million shares, stated a February regulatory filing, which would be worth about $59 million.
Harf is also chairman of JAB Holding Co., the largest shareholder in Coty with about a 60 percent stake.
Earlier this month, the maker of Covergirl and Sally Hansen reported a small sales decline, following a challenging year of stagnating sales. The New York-based company has been working to reshape its business to meet rapid changes in consumer tastes amid the Covid-19 pandemic.
In June, Coty named former top executive of L’Oreal, Sue Nabi, as chief executive officer, its third CEO this year. She has been credited for the revival of Lancome, which resulted in double-digit growth in makeup and skincare,
Following Nabi's appointment, the CEO brought on L’Oreal veteran Isabelle Bonfanti as chief commercial officer, luxury. Bonfanti previously worked in L’Oreal’s luxury division for 17 years across a variety of international general management and commercial roles, spanning fragrances, cosmetics, and skincare.
The company also named Jean-Denis Mariani in the newly created role as chief digital officer. Mariani joined the company from LVMH-owned perfume, makeup and skincare company Guerlain, where he served as chief digital officer and as a member of the executive committee.
While Coty has struggled to integrate the brands it acquired from Procter & Gamble in 2016, it continues to inject money into trending brands like Kim Kardashian and Kylie Jenner.
Cory revenue for the quarter ended Sept. 30, dropped 13 percent, compared with a drop of 56 percent in the previous quarter.
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