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.
Breaking News: @louisvuitton's men's artistic director @mrkimjones is leaving the French fashion house after nearly 7 years. Jones joined Louis Vuitton in 2011, following a three year tenure as creative director of British luxury goods brand Alfred Dunhill. Jones is to exit Louis Vuitton after showing his fall 2018 collection for the brand in Paris on Thursday. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews