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Beauty giant Coty Inc. announced today that it has appointed Pierre Denis as chief executive officer, to succeed Pierre Laubies, effective upon the conclusion this summer of a strategic review that is currently underway. Denis, who has been a director on Coty’s board since September 2019, will be the company’s third CEO in three years.
“In less than 18 months, Pierre Laubies and his team have implemented a number of strategic initiatives to position the company for sustainable growth and long-term success,” said Coty Chairman Peter Harf in a statement. “On behalf of the Board, I would like to thank Pierre for his decisive contributions to Coty.”
Denis stepped down as the chief executive of London-based luxury brand Jimmy Choo Group Limited yesterday after almost eight years in the role. He has 30 years of luxury, beauty and brand experience, having previously served in a variety of leadership roles with LVMH, including with John Galliano and Christian Dior.
Coty, which is controlled by the German investment firm JAB Holding Co., also announced that finance chief Pierre-André Térisse will become chief operating officer while retaining his CFO role and responsibilities. In addition, Coty named Isabelle Parize and Justine Tan to its board, effective February 27. Parize is interim CEO of Delsey and Tan is a partner at JAB.
The leadership change comes as Coty struggles to integrate the portfolio of P&G beauty brands, including CoverGirl and Clairol, that it acquired in 2016 for $12.5 billion. Last year, Coty took a $3 billion write-down on the P&G business and announced a turnaround plan intended to revive sales, reduce leverage and better compete with its rivals. Denis and his team will be tasked with accelerating top-line growth across Coty’s core categories, according to the company.