Still integrating the Procter & Gamble beauty acquisition, Coty Inc. reported a $437.8 million loss for the fiscal year ended June 30.That number includes a net increase of $466.7 million in restructuring and acquisition costs, and a $195.6 million net increase in amortization expense due to acquisitions, the company said.For the year, net sales were almost $7.7 billion, up 76 percent. That figure includes the acquisitions Coty's made in the past year, including 41 beauty brands from P&G, Ghd and Younique. Combined company net revenues declined 1 percent. Adjusted diluted earnings per share were 63 cents.For the fourth quarter, Coty's net revenues were $2.2 billion, up more than 100 percent because of acquisitions, or 4 percent as a combined company. The business reported a $279 million loss for the quarter, including $190.2 million in restructuring and acquisition-related costs. Adjusted diluted earnings per share were 0 cents. Excluding positive revenues from Ghd and Younique, Coty's fourth quarter revenue would have declined 3 percent at constant currency, the company said."Fiscal 2017 was a transformational year for Coty," said chief executive officer Camillo Pane. "We completed the incredibly complex acquisition of the P&G Beauty Business, fully reorganized into a product and customer focused organizational structure, successfully reached significant milestones in our integration efforts, and boosted our brand portfolio through the additions of Younique, Ghd, and the agreement to acquire the Burberry Beauty license. Equally important, we believe the strategy we outlined earlier in the year which focuses on strengthening our global brands, shifting more resources to fuel the growth of the brands with higher growth potential, stabilizing the remaining brands, and continuing to expand the geographic reach of our portfolio, is beginning to bear fruit as demonstrated by the improvement in net revenue trends in the second half of the fiscal year."He noted sales were drive by the company's professional and luxury divisions, particularly by Wella, improvements at OPI, Hugo Boss, Gucci, Chloe and Philosophy. The consumer division is still struggling.For the year, the luxury division had $2.57 billion in sales, up 40 percent from the prior year and down 3 percent in combined-company year-over-year numbers. Consumer beauty had $3.69 billion in sales, up 63 percent from the prior year but down 3 percent in combined company year-over-year figures, and the professional division had $1.4 billion in sales, up more than 100 percent from 2016, and up 8 percent in combined company year-over-year.
In honor the @CFDA’s announcement of @iamnaomicampbell receiving the Fashion Icon Award at the 2018 #CFDAAwards, which will take place on June 4, here’s a #tbt of the supermodel on @michaelkors’ runway in 1991. #wwdfashion #wwdarchive (📷: George Chinsee)
“I was making the guacamole when my scout saw me,” says model @stuckinteenage on being discovered just six months ago while working at @chipotlemexicangrill. Since then Williams has signed with @dnamodels, walked in her first show at @calvinklein and landed on the cover of @vogueitalia – a high point of any model’s career. To read @lisajlockwood’s full interview with the model on her experiences thus far, head to WWD.com – link in bio. (📷: George Chinsee)
“I love the idea of dialogue, period. It’s where I’ve always gotten my inspiration from: hearing other women speak, their journeys and their paths,” said @hereisgina, who delivered the keynote speech during @sxsw for @createcultivate in partnership with @fossil. For her two panels, Rodriguez chose female empowering, female-led and female entrepreneurs to focus on. Head to WWD.com to read more about her thoughts on Time’s Up, growing up in a family of women and why we “need a girls’ club.” #wwdeye #sxsw (📷: @jgreenery)
Leading luxury brand are shaking things up to keep up with streetwear. Case in point: the arrival of @mrkimjones as artistic director of @diorhomme. Jones, who succeeds @Kris_Van_Assche, is seen as one of the handful of designers who can actually straddle the luxury and streetwear worlds — which could lead to even more changes at established brands. What could this mean for the rest of the menswear landscape? Head to WWD.com to find out what experts predict #wwdfashion (📷: @franckmura)
“It’s like buying groceries. You’re going to buy the best mango, the best mozzarella, the best things. You have to, or others are going to take it all,” said @gabrielahearst on why she uses only the finest fabrics. Last week, Hearst received her first @cfda nomination for Womenswear Designer of the Year, and earlier this month she opened a permanent showroom in Paris. To read @jessiredale’s interview with the designer and find out why this is shaping up to be a big year for her, head to WWD.com. #wwdfashion (📷: @francoisgoize)
“It’s an interesting thing, playing a younger version of your mother. It’s an interesting concept. I adore my mom and love her in every capacity, but it was just something that had never crossed my mind,” says @anniemstarke on playing a young Joan Castleman in “The Wife.” The same role will be played by her mother Glenn Close. Read more about her growing up in the film industry as the daughter of producer John H. Starke and Close and what she has planned for the future #wwdeye (📷: @nataliamantini)
@asics is launching a new streetwear sneaker inspired by its latest ambassador, @steveaoki. The Hyper-Kenzen x Aoki, which will launch at @footlocker stores exclusively tomorrow, is a slip-on style that incorporates the brand’s proprietary Gel technology through beads integrated into the midsole for comfort and endurance. Read the full story on WWD.com.