New York City, New York-based Coty, an international beauty and cosmetics manufacturer, marketer, and distributor of fragrances, cosmetics, skin care, nail care, and professional and retail hair care products, has announced a strategic restructuring.
The restructuring initiative is estimated to impact 700 employees.
According to CEO Sue Nabi, “We are committed to building a stronger, more resilient Coty that is well-positioned for sustainable growth. When we first announced our All-in to Win program in FY20, at the peak of COVID disruptions, our goal was to boost our margin profile and brand reinvestment firepower through a significantly lower fixed cost structure, supply chain simplification, procurement savings, and strategic revenue management initiatives. “With the cyclical and structural changes in the beauty industry and the global economy in recent years, including the rapid acceleration of e-commerce, the consolidation of retail channels and customers, and the new ways of consumer brand discovery, Coty must once again adapt and evolve.”
"This will include streamlining the organizational structure across key markets to unlock operational efficiencies, making support functions more efficient, boosting innovation impact, and reducing non-people fixed costs across all areas of spend."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something terrible hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. While many employees can read the writing on the wall, why do most assume it’s targeted at someone else? Are you now wondering, Am I Next? .