Coty's Leadership Changes and Industry Impact

Coty has appointed Markus Strobel, a Procter & Gamble veteran, as its new executive chair and interim CEO effective January 1. Strobel takes over from Sue Nabi, who served as CEO for five years, and Peter Harf, who is retiring after 30 years on the board.

Strobel emphasizes the potential for growth and strengthening Coty's position in prestige and mass beauty, building on the company's strong foundations. Under Nabi, Coty focused on boosting profits and cutting costs, including the layoff of 700 employees.

Recently, Coty completed its plan to divest from Wella by selling its remaining 25% interest to KKR for $750 million, along with a share of future proceeds. Analysts note that while Coty has strengths in prestige fragrances, its mass beauty segment continues to struggle, highlighting the challenges ahead for the new leadership.