- Coty Inc. is getting its third new CEO this year: longtime L’Oreal veteran Sue Nabi.
- Nabi served as president of both L’Oreal and Lancome and also founded the skincare business Orveda.
- She replaces Peter Harf, who will stay on as the brand’s executive chairman.
- Visit Business Insider’s homepage for more stories.
Coty Inc. on Thursday named former top executive of L’Oreal, Sue Nabi, as chief executive officer, its third CEO in this year, sending the shares of the cosmetics maker up about 4% in premarket trading.
Nabi will take charge on September 1 from Peter Harf who was appointed CEO in June. Harf is also a top executive of Coty’s top shareholder JAB Holdings and will remain executive chairman of Coty.
Nabi founded the new-age luxury skincare line, Orveda, after serving about two decades at French cosmetics company L’Oréal and was the world president at makeup brand Lancome.
The incoming CEO has been credited for the revival of Lancome, which resulted in double-digit growth in makeup and skincare, Coty said.
The move comes as Coty injects money into trending brands, including those of TV stars Kim Kardashian and Kylie Jenner, after years of slowing sales and mounting debt as it struggled to integrate the brands acquired from Procter & Gamble in 2016.
Editing by Shinjini Ganguli and Arun Koyyur.
Read the original article on Reuters. Copyright 2020.
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