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Coty Sells Fragrance License Back to Lacoste, Advancing Strategic Objectives
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Coty (NYSE: COTY) has agreed to sell its Lacoste fragrance license back to Lacoste, marking the end of a 6-year partnership. During this period, Lacoste's men's fragrances gained significant market presence, with award-winning products and notable improvements in rankings. Coty's CEO, Sue Y. Nabi, expressed pride in the partnership's achievements and noted that the sale aligns with Coty's strategic goals to concentrate on major fragrance licenses and enhance its deleveraging efforts. The transaction is set to conclude by the end of the calendar year 2023.
Positive
Lacoste men's fragrances achieved premium positioning and awards under Coty's management.
17-place improvement in French market rankings for Lacoste fragrances.
Sale allows Coty to focus on larger fragrance licenses, enhancing strategic objectives.
Negative
The sale may indicate a strategic retreat from the Lacoste fragrance segment.
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NEW YORK & PARIS--(BUSINESS WIRE)--
Coty (NYSE: COTY), one of the world’s largest beauty companies with a portfolio of iconic brands across fragrance, color cosmetics, and skin and body care, today announced the sale of its Lacoste fragrance license back to Lacoste by mutual agreement.
Under Coty’s management in the last 6 years, Lacoste men’s fragrances have secured a premium+ positioning in the market, with two award winning pillars, L’Homme and Match Point, multiple innovations, and a 17-place improvement in French market rankings.
Thierry Guibert, Lacoste President, commented: “We are very appreciative of Coty's support throughout our partnership. With Coty, Lacoste has taken an important step in the development of its fragrance lines. It is now time for the brand to renew its approach to continue its growth, in a market where Lacoste still has great potential.”
Sue Y. Nabi, Coty’s CEO, said: “We are very proud of the Lacoste fragrance brand and the growth we have achieved through our highly successful partnership over the past six years. Lacoste has been a great partner to Coty and their fragrances continue to have outstanding potential. For both Coty and Lacoste, the exit by end of CY23 represents our respective yet mutually beneficial priorities. This sale advances Coty’s strategic objectives, by enabling Coty to further focus on our largest fragrance licenses, while accelerating our deleveraging agenda through the sales proceeds.”
About Coty Inc.
Founded in Paris in 1904, Coty is one of the world’s largest beauty companies with a portfolio of iconic brands across fragrance, color cosmetics, and skin and body care. Coty serves consumers around the world, selling prestige and mass market products in more than 130 countries and territories. Coty and our brands empower people to express themselves freely, creating their own visions of beauty; and we are committed to making a positive impact on the planet. Learn more at coty.com or on LinkedIn and Instagram.
About Lacoste
Since the very first polo was created in 1933, Lacoste relies on its authentic sports heritage to spring optimism and elegance on the world thanks to a unique and original lifestyle for women, men and children.
At the juncture of sport and fashion, Lacoste frees us up, creates movement in our lives, and liberates our self-expression. In every collection, in every line, Lacoste’s timeless elegance is captured through a combination of the creative and the classic. Since its beginnings, the crocodile’s aura has grown more powerful with every generation who has worn it, becoming a rallying sign beyond style. Passed from country to country, from one generation to the next, from one friend to another, Lacoste pieces become imbued with an emotional connection that raises them to the status of icons.
The Lacoste elegance - both universal and timeless - brings together a large community, in which everyone respects and recognizes each other's values and differences
