Coty shares jump after CEO raises annual revenue forecast
Coty says it is putting money into advertising while cutting down on promotion and discounts, to lift sales of brands sold under the consumer beauty business
28 August 2019 - 18:09
Bengaluru — Cosmetics maker Coty raised its annual revenue forecast on Wednesday, as it embarks on a multiyear turnaround plan that involves cost cuts and increased investment in advertising, sending shares up 5%.
The company said in July it would write down about $3bn in value of brands acquired from Procter & Gamble (P&G) in 2016, and laid out a restructuring plan to turn around the business hurt by falling sales in its consumer beauty unit...
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