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Coty sacks entire staff in Russia, Kylie Cosmetics underperforms

By Astrid Wendlandt
05/22/22
Coty sacks entire staff in Russia, Kylie Cosmetics underperforms
Coty this month became the first major beauty group to sack its entire staff in Russia -- around 200 people -- in response to the country’s invasion of Ukraine. It made the move even though most of its perfumes and cosmetics cost under €300, the price threshold for EU and US sanctions on the export of luxury goods. Coty would neither confirm the number of redundancies nor the cost of winding down its operations but industry sources in Russia estimated it at “several tens of millions of dollars”. People close to the company said American citizens on the board of Coty as well as its Chairman, Peter Harf, insisted on exiting Russia for fear of falling foul of sanctions. Until this development, Coty was making three percent of its sales in Russia.

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