NEW YORK — Liz Garrett, who has been president of the Philosophy division of Coty Inc. for more than two years, has said she plans to return home to the U.K. with her husband in October.
This story first appeared in the May 30, 2013 issue of WWD. Subscribe Today.
Before taking the helm of Philosophy in March 2011, Garrett was in charge of the Coty Prestige business in the U.K. Coty said Wednesday that Garrett had turned the U.K. business into “one of our most successful businesses around the world.” The company added that she had “provided leadership and direction to Philosophy.”
In light of her departure, Coty unveiled a new management team, led by Marc Rey, regional vice president of Coty Prestige, North America. Reporting to him will be Kathy Cullin, vice president of sales and education; Stephen Henderson, vice president of e-commerce; Glenn Klages, senior vice president of supply chain, and a new senior vice president of marketing, whom the company expects to announce soon.
Coty acquired Philosophy in November 2010 for $929.7 million in cash, net of a $4.4 million in receivables, according to Coty’s most recent filing with the Securities and Exchange Commission. But the company took impairment charges in 2012 due to reductions in projections due to lower than expected sales in the U.S., caused by a less successful than expected innovation program and a slowdown in sales momentum in certain key retailers. Also, there was a delay in expansion plans overseas, due to a longer than expected product registration process in certain international markets. The trademark and goodwill impairment charges added up to $515 million, according to the filing.