Coty, a French-US beauty company incorporating some 80 cosmetic, skin, fragrance and hair brands, is winding up its businesses in Russia, Bloomberg said on Wednesday, siting the company’s release, Trend reports citing TASS.
According to the agency, Coty’s sales in Russia accounted for mere three percent of its overall profits in 2021.
This decision is unlikely to impact the company’s income forecasts for the 2022 financial year, although its long-term financial consequences are not yet clear, the company said.
Coty owns around 80 brands, including such perfume brads as Alexander McQueen, Bottega Veneta, Burberry, Calvin Klein, Chloe, Gucci, Hugo Boss, Kylie Skin, Marc Jacobs, Miu Miu, and Tiffany.