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.
@moncler unveiled its latest project, #MonclerGenius, yesterday at Milan Fashion Week. The Italian outwear maker gave show-goers a preview of the monthly collections – which were created by eight designers and creative talents including Pierpaolo Piccioli, Simone Rocha, Craig Green and more – that will start rolling out in the summer.
In honor of Rihanna’s 30th birthday, we took a look back at an interview with the Barbados-native when she was just 18 years old. Here, she talked about her second album, “A Girl Like Me” in 2006. “I want to be me. I want people to fall in love with who Rihanna is, and that’s why I want the album to be about me so people can really find out who this girl Rihanna is, because they only know the ‘Pon de Replay’ girl.” Fast forward 12 years, and she’s released six more albums and has become a powerhouse in both the fashion and music industries. Happy birthday, @badgalriri 🎈(📷: Pavel Antonov) #wwdarchive