The mass-market beauty company had $96.8 million in sales for the first half of 2016.
Rights groups applaud the decision as a victory for individual and religious freedom.
Penney’s stock saw its worst day in more than 30 years of trading, while A&F fell 13 percent after reporting a drop in first-quarter profits.
Under the new ownership of PPR, the Italian label takes a multipronged approach.
Most recently, she served as fashion director of women’s Co-op.