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.
Exclusive: @isabelmarant and @lorealmakeup have teamed up to create a capsule makeup collection. "She is rather natural in the day but doesn't have time to go back home before going out [in the evening] and redo her entire beauty look," said Marant on the 5 products included in the collection, which will launching in September. Read @jenniferbethweil's interview with the designer on WWD.com. #wwdnews #wwdbeauty
After 17 years, Tomas Maier is leaving @bottegaveneta. “I am deeply grateful to him and I personally thank him for the work he accomplished, and for the exceptional success he helped to achieve,” said François-Henri Pinault, head of parent company @kering_official. Head to WWD.com for more on his departure. #wwdnews #wwdfashion (📷: Davide Maestri)
@shaymitchell is no stranger to teaming up with beauty brands, but she’s made her latest partnership official: She’s signed with @buxomcosmetics as global creative brand ambassador, WWD learned exclusively. Mitchell and Buxom will collaborate on campaign development, social media strategy and content and new product and shade development. Read more on WWD.com. #wwdbeauty (📷: @clint_spaulding)
Today we’re at the WWD Retail 20/20 Forum where industry leaders will be talking about the future of shopping for fashion, footwear and beauty. Tune in on Instagram Live at 9 am and 3:30 pm to hear from two of our speakers –– @therealreal’s Rati Levesque and @bandier’s Stephen Ippolito. #wwdsummits (📷: @elizaflorendo)
Seen last night at @coach’s launch party for “Life Coach,” an interactive pop-up in Soho: @joansmalls. Open now, visitors of the pop-up can engage in themes of “creativity and self-expression,” through tarot, carnival games, live performances and art. See the rest of the party pics on WWD.com. #wwdeye (📷: @vnina)
“We figure there’s enough cynicism to go around the world right now let’s go out there and be ourselves, let’s be enthusiastic, let’s have positive energy, which is something I think a lot of people really want and need right now,” said musician @joshgroban ahead of hosting the Tony Awards with @sarabareilles. Read @leighn’s interview with Groban on how he picked his look for the night, his next record and more on WWD.com. #wwdeye #tonyawards (📷: @vnina)
“Rock as an attitude and not a uniform. Street as a style and not just clothing. Sportswear as the new normality,” @paul_surridge said of his first @roberto_cavalli men’s wear collection, previewed here. The British designer joined the brand as the creative director in May 2017, and is gearing up to unveil his debut for the label with a runway show at the Florence Charterhouse on June 13 at #PittiUomo. Head to WWD.com to read more about his collection and see more sneak peek photos. #wwdfashion (📷: @simonelezzi)