04.28.22
Covergirl owner Coty is the latest global beauty company to pull out of Russia following the country’s invasion of Ukraine in February.
“After careful consideration, including analysis of relevant U.S., UK and other applicable regulation, Coty has decided to wind down its Russian operations starting immediately,” the company said in a statement.
Russia accounted for about 3% of Coty's sales, the company said Wednesday.
Coty does not expect the move to impact its fiscal 2022 revenue and profit targets, citing the seasonally lower contribution of the Russia business in its fourth quarter.
“After careful consideration, including analysis of relevant U.S., UK and other applicable regulation, Coty has decided to wind down its Russian operations starting immediately,” the company said in a statement.
Russia accounted for about 3% of Coty's sales, the company said Wednesday.
Coty does not expect the move to impact its fiscal 2022 revenue and profit targets, citing the seasonally lower contribution of the Russia business in its fourth quarter.
