Coty Concern withdraws from Russia

15:12 - 28.04.2022


April 28, Fineko/abc.az. French-American cosmetic concern Coty is shutting down its activities in Russia.

ABC.AZ reports, referring to company's statement, that the decision was preceded by "thorough discussion, including analysis of the relevant regulations of the U.S., Great Britain" and other countries.

Concern's sales in Russia made up 3% of the total profit in 2021.

"While the full financial implications of this decision, including the long-term outlook, are still to be determined, it is not expected to affect Coty's ability to achieve its previously published revenue forecast for fiscal year 2022," the statement says.

Coty includes about 80 perfume brands, including Alexander McQueen, Bottega Veneta, Burberry, Calvin Klein, Chloe, Gucci, Hugo Boss, Kylie Skin, Marc Jacobs, Miu Miu and Tiffany.

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