Coty Hires Two Industry Veterans as New CEO Starts Turnaround

(Bloomberg) -- Coty Inc is adding two industry veterans to its executive leadership team as the beauty company gears up for a turnaround effort under new Chief Executive Officer Sue Nabi.

The hires include Isabelle Bonfanti, who spent 17 years at L’Oreal, as chief commercial officer of luxury. Jean-Denis Mariani, who was chief digital officer for an LVMH-owned brand, will serve the same newly created role for Coty, the company said Wednesday in a statement.

The changes build on Coty’s efforts to mold its management team to include more women and better reflect the majority of its consumers. Earlier this summer, Coty added three women to its executive committee. Nabi recently took the helm from chairman and founder Peter Harf, who is a managing partner of Coty’s largest shareholder, investment firm JAB.

Cosmetics makers are adapting to rapidly shifting trends this year as skincare gains popularity during the global pandemic and traditional makeup loses ground. Covid-19 has also ushered a surge in direct-to-consumer sales. Mariani will help develop Coty’s e-commerce platform, which recently expanded its offerings of Kylie Skin in Germany and Australia.

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